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The price of Bitcoin, the largest cryptocurrency, has managed to reclaim the $69,000 level, surging to an intraday high of $69,199, according to CoinGecko data.
Bitcoin's sharp move managed to trigger a volatility alert by the 100eyes Crypto Scanner.
The cryptocurrency has now added more than 5% over the past 24 hours, paring almost all of the losses that the cryptocurrency suffered earlier this week.
On Apr. 2, the price of the largest cryptocurrency plunged to the $65,000 level. The sharp price decline was likely caused by disappointing Bitcoin exchange-traded fund flows as well as the increasing odds that the Federal Reserve might not cut rates three times this year as previously expected.
Moreover, the upcoming Bitcoin halving, which is just 16 days away from now, is adding more uncertainty due to its potentially adverse impact on miners.
Nevertheless, some analysts were convinced that the price dip was only temporary. As reported by U.Today, CryptoQuant's J. A. Maartunn correctly predicted that the price of the largest cryptocurrency would soon experience a much-needed relief rally after the aforementioned correction. The analysis was made based on the difference between buying and selling volume following the price decline.
According to data provided by CoinGecko, more than $22.5 million worth of shorts have been liquidated over the past hour alone. Meanwhile, the total amount of short positions that were wiped out over the past 24 hours is approaching $92 million.
Even though many analysts expected a push to $69,000, it remains to be seen whether or not Bitcoin will manage to gain a footing above this level since there is big resistance.
Arman Shirinyan
