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Bitcoin (BTC) saw a severe downturn on Tuesday along with the broader crypto market. This recent market meltdown came as a result of the worrisome geopolitical situation, one of the most alarming issues in recent times. However, the crypto market did not see a horrific crash like the old times.
Bitcoin, specifically, managed to hold well over the crucial $60,000 price level. While it has provided relief to investors, it also shows the maturity of BTC and its steadiness in crucial times like this. The leading digital currency has displayed its strong hold by defying its volatile nature, increasing investor confidence.
Investors were concerned at first, but they are now showing complete confidence and interest in the Bitcoin price. This can be seen in the rapidly rising trading activity today. The trading volume of Bitcoin, according to the CoinGlass data, has skyrocketed 76.08% in the last 24 hours. It is currently standing at the gigantic $101.82 billion price level.
It is indeed a major milestone for the digital currency, especially considering the environment around the globe. Moreover, BTC is seeing surging trading activity across all top crypto exchanges. Binance leads the way with $27.80 billion in volume, followed by Bitget at $20.12 billion and Bybit at $15.83 billion, amongst others.
Bitcoin price reaction
Bitcoin was holding well above the $64,000 price range in the last few days before plummeting to $60,300 yesterday. However, it held its support level and avoided any further price decline. More importantly, the BTC price has slightly recovered, and it is currently trading at $61,273. This recovery came only 12 hours after the market decline.
This shows Bitcoin’s resilience and also the importance of the $64,000 range. The coin is currently trying to go back to this level, as this price zone is crucial for a more sustained rally in the following weeks. The rising trading activity will help the Bitcoin price to achieve this goal and potentially target the next highs.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team