Bitcoin Price Recovers to $65k, However Analyst Warns Crypto Market Is Still in Uncertain Territory

The cryptocurrency market cap experienced a 5.3 percent increase, reaching approximately $2.47 trillion within the past 24 hours. This surge was primarily led by Bitcoin (BTC). The recovery came after a brief dip below $60k for Bitcoin, which occurred due to the escalation of the Middle East crisis. Despite the geopolitical tensions, Bitcoin and other digital assets have proven to be a reliable safe haven.

The high usage of leverage trading has resulted in increased crypto volatility, leading to the liquidation of over $293 million, primarily affecting long traders.

On-chain data indicates that miners have significantly reduced their selling volume ahead of the fourth Bitcoin halving. CryptoQuant’s analysis reveals that the average daily BTC sent to spot exchanges in the last month was around 374 BTC, compared to 1388 BTC in February.

Additionally, Grayscale’s GBTC has experienced a decrease in selling pressure and expects this trend to continue. The overall inflows from BlackRock’s IBIT have offset the impact of GBTC outflows, as shown by spot ETF data.

Furthermore, the recent entry of Hong Kong into the spot Bitcoin ETF race could potentially influence other nations, with Singapore likely to follow suit.

Renowned crypto analyst, Captain Faibik, has provided insights into Bitcoin’s short-term price action. According to Captain Faibik, Bitcoin’s daily bullish pennant has now transformed into a bullish rectangle on the daily timeframe chart. However, the analyst advises traders to be cautious as there is a possibility of capitulation towards $52k if the support level around $62k fails to hold.

Nonetheless, Captain Faibik remains optimistic about the bullish outlook, with a short-term target of $72k and a mid-term target of $96k.

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