Bitcoin will bounce back above $59,000
Bitcoin rebounded above $59,000 on Thursday, up 8% on the day despite broader macroeconomic fears.
According to CoinGlass, more than $189 million in trades were released in the crypto market in the last 24 hours, including $109 million in shorts.
Bitcoin's breakout began around 1:50 PM UTC, with Bitcoin rising from $57,000 to $59,815 over the next three hours. The leading digital asset is now up 8.45% at $59,622, the weekly loss has now reduced to 7.78%. Similarly, Ethereum rose 9.93% to $2,572 on the day. Its weekly loss is 18.8% higher, the ratio of ETH / BTC is still at 0.043 – one of the lowest levels this year. Telegram-linked Toncoin posted one of its strongest daily recoveries, gaining 13% on the day. Memecoin PEPE increased by 11%, and Solana increased by 7.85%. The broader market recovery was mirrored by the stock market, which almost completely erased losses over the weekend as macroeconomic fears weighed on the economy. The NASDAQ100 is now down 0.43% over the past five trading days, compared with 6% when markets opened on Monday. As of last week, the Bank of Japan has promised to keep interest rates unchanged as long as market volatility persists. Many crypto-investors interpreted the central bank's statement as a sign of the bottom. “I'm just clear. BTFD! Make the BOJ cave,” said BitMEX co-founder Arthur Hayes on Wednesday.
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