Bitcoin demonstrates daily recovery in value

This week, Bitcoin BTC $99,754.00 Bitcoin 3.58% Market capitalization $1.98 trillion VOL. 24 hours $2.75 billion partially recovered its position, rising to $ 96,556 after falling to $ 89,000. At the beginning of the year, the flagship cryptocurrency showed an upward trend, reaching $ 102,000 on the afternoon of January 7, but quickly lost this momentum, falling below the key level of $ 100,000. In turn, the drop below $ 90,000 caused concern among investors, and experts drew attention to the key factors that affected the market.

Analysts point to the phenomenon of the so-called «stop-hunting» when the price temporarily breaks through important support levels to trigger sales, after which it recovers. At the same time, the activity of large investors (the so-called «whales») remained limited, which prevented a significant change in the trend.

According to CryptoQuant, the lack of significant purchases by major players on exchanges such as Binance was one of the reasons for the limited recovery of Bitcoin. At the same time, the open interest rate has increased by 2.09% over the past day, indicating an increase in interest in trading. The volume of open interest has reached $ 61.88 billion, which may indicate increased speculative activity.

Data from IntoTheBlock also shows fluctuations in large transactions (over $ 100,000). Over the past month, their number has dropped from 26,000 to 15,000, but the recent increase to 20,000 transactions per day indicates renewed interest from large investors. This may affect further market dynamics in the coming weeks.