Bitcoin Surges Above $61,000; What Could Be the Reason?

Bitcoin’s price has seen a significant increase in the past few hours, reaching $61,234, according to data from CoinGecko. Over the past seven days, the market’s leading cryptocurrency has gained 8%, recovering from recent lows.

At the time of writing, Bitcoin holds a market cap of $1.2 billion and has seen a transaction volume of over $30 billion in the last 24 hours.

The one-day technical analysis provided by TradingView, however, does not clearly indicate which direction the Bitcoin price may go in the short term. The analysis summary and indicators suggest a “neutral” stance.

Why did the price of Bitcoin go up?

According to data from CoinGlass, the cryptocurrency market has seen significant liquidations in the last 24 hours, totaling $108.55 million. Of these, $57.55 million were in short positions and $51 million in long positions.

In addition to Bitcoin, Ethereum also saw a significant increase, rising 1.8% in the last 24 hours and currently trading above $2,700. The market’s leading altcoin recorded a trading volume of approximately $17.3 billion in the last 24 hours.

One of the factors that may be driving this bullish movement in the cryptocurrency market is the anticipation surrounding Mt. Gox’s refund plan. There are rumors that the refund process may be nearing its end, especially after the movement of a wallet related to the defunct Japanese exchange, which began testing transactions earlier this Monday.

The cryptocurrency market, known for its volatility, continues to be heavily influenced by historical events and news that generate speculation among investors. With the Mt. Gox case approaching its conclusion, many expect that this could bring significant changes to the market, either by boosting confidence or, alternatively, by causing new waves of volatility.

Follow Todaysgist on