Greed

2024

Bitcoin

April

The CryptoQuant platform author shared their opinion on the return of the Bitcoin price above $70,000 after several weeks of correction. 
According to the expert, the price of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) recovered after several weeks for several reasons. First, the crypto market saw a significant portion of investors’ profits for $2.7 billion, while selling pressure weakened as holders of short-term bonds ceased to realize the losses from the price correction. 
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 Why is the Bitcoin price recovering? “Additionally, we can see huge <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> inflows to the accumulation addresses, and their reserves hit an all-time high.” – By <a href="https://twitter.com/IT_Tech_PL?ref_src=twsrc%5Etfw" target="_blank" rel="">@IT_Tech_PL</a> Full post 👇<a href="https://t.co/pPxxyEgcNi" target="_blank" rel="">https://t.co/pPxxyEgcNi</a> <a href="https://t.co/drrqb8Qbxw" target="_blank" rel="">pic.twitter.com/drrqb8Qbxw</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1777242025198223415?ref_src=twsrc%5Etfw" target="_blank" rel="">April 8, 2024</a>
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Another reason for recovering the first cryptocurrency is the release of several billion <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="">stablecoins</a> USDT last week. 
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 “New USDT has been minted, and as you can see, there is a strong correlation between the market cap of USDT and the price of Bitcoin.” <cite>CryptoQuant experts</cite>
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Another significant trend contributing to Bitcoin’s recovery is the massive influx of BTC into savings addresses, as <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> reserves have reached an <a href="https://crypto.news/tag/ATH/" target="_blank" rel="">all-time high</a>. 
The Bitcoin price <a href="https://crypto.news/bitcoin-all-time-high-daily-trading-volume/" target="_blank" rel="">jumped</a> to $72,000 today, while the Fear and Greed Index reached 76 points, meaning there is ‘extreme greed’ among BTC traders. Many experts agree that BTC is rising for two key reasons: the upcoming halving in April and continued interest in spot <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> <a href="https://crypto.news/tag/etf/" target="_blank" rel="">ETFs</a>. 
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The excitement is also noticeable in <a href="https://crypto.news/bitcoin-crypto-investment-inflows-record/" target="_blank" rel="">the influx of capital</a> into cryptocurrency investment products. From March 30 to April 5, inflows amounted to $646 million. Since the beginning of the year, total receipts have reached a record $13.8 billion. 
 You might also like: <a href="https://crypto.news/bitcoin-exchange-reserves-record-low/" rel=""> CryptoQuant: Bitcoin exchange reserves hit record low </a>

CryptoQuant shares reasons behind Bitcoin’s $70k recovery

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