Bitcoin BTC/USD breached $63,000 for the first time in 12 days as U.S. institutional investors began purchasing the digital currency following weeks of sell-offs.
What Happened: The sharp rebound caused King Crypto to hit $63,000 ahead of a fresh trading week. Bitcoin bulls and bears are locked in an intense battle around the level as of this writing.
According to on-chain analytics firm CryptoQuant, big institutional investors in the U.S. started scooping up Bitcoin. The inferences were made after observing the Coinbase Premium Gap, seen as the measure of whale accumulation in the U.S.
CryptoQuant anticipated the rally to sustain as the market moves into a new trading week.
"So far, it is only a rebound that slightly compensates for the decline, but the fact that Bitcoin rebounded on the weekend means that additional funds can be expected to flow into the Bitcoin spot ETF on weekdays, so the possibility of a further rebound is open," the analytics firm noted.
See Also: Bitcoin, Ethereum, Dogecoin Recover As Market Reacts Positively To Trump Escaping Assassination Attempt: Analyst Predicts King Crypto’s Pullback Before Rise To $63.8K
Why It Matters: Bitcoin's recovery comes amid several bullish triggers.
The German government’s sale of Bitcoins, which had been a big market overhang, faded as the government ran out of all seized assets.
Moreover, with presidential hopeful Donald Trump surviving an assassination bid and his odds of securing another term in office rising to all-time highs, investors grew hopeful about the market’s future.
Price Action: At the time of writing, Bitcoin was exchanging hands at $63,030.40 rising 4.54% in the last 24 hours, according to data from Benzinga Pro.
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