Bitcoin rebounds from 7-month low to $88K, Ethereum jumps 3%
What's the story
Bitcoin, the world's leading cryptocurrency, has seen a strong recovery from its recent seven-month low of $81,000. The digital asset is now trading at $88,000 mark after gaining 1.3% in the last 24 hours. Ethereum also witnessed a significant jump of over 3% during the same period. Other major altcoins such as XRP, BNB, and Cardano have also recorded gains of 9%, 3%, and 4%, respectively. Bitcoin has lost more than 21% this month, its steepest fall since June 2022.
Market surge
Altcoins and global crypto market cap also rise
Along with Bitcoin and Ethereum, other cryptocurrencies such as Solana, Dogecoin and Hyperliquid have also witnessed gains of up to 5% in the last 24 hours. The global cryptocurrency market capitalization has also seen a slight increase of 1.02% to $3 trillion, according to CoinMarketCap data. This overall recovery trend highlights a positive shift in the digital asset space after recent downturns.
Market analysis
BTC's potential to break $90K barrier
CoinSwitch Markets Desk has analyzed the recent surge in Bitcoin's price. They attribute it to a rebound in the US equity market and positive geopolitical developments between the US and China. The desk also notes that if this momentum continues, Bitcoin could attempt to break the key $90K barrier in upcoming sessions.
Market indicators
BTC's liquidation heatmap and Ethereum's recovery
CoinSwitch Markets Desk also observed strong short-squeeze liquidity above current levels on Bitcoin's liquidation heatmap, especially around $89.5K-$90K. This suggests a potential price push higher to clear these zones. Meanwhile, Ethereum has bounced back by roughly 13% from its recent swing low with the $3,000 level possibly acting as psychological resistance and stronger technical resistance near $3,200.
Market trends
Altcoins recover and macro markets influence crypto
Piyush Walke, Derivatives Research Analyst at Delta Exchange, noted that altcoins like Solana, XRP and Dogecoin have made significant recoveries after the recent pullback. He also pointed out that macro markets are indicating a 70% chance of a 25-basis-point rate cut by the Federal Reserve. This development could further boost the crypto markets.