- Bitcoin experiences bullish pump reclaiming $73,000 in the last 24 hours.
- The asset went up by over 9% over the last day.
- This surge in price sparks hope for a steady market recovery.
The pioneer crypto asset, Bitcoin (BTC), has experienced a sudden pump in market price as the asset rises over 6% in the last 24 hours. The price of Bitcoin is currently trading between the $72,000 and $74,000 price range as the asset boasts a rise of over 50% in 24-hour trading volume. Over the past few weeks, BTC has been trading in the lower $60,000 price range, allowing this current pump to boost industry morale.
Bitcoin Experiences Bullish Pump Reclaiming $73,000
Over the past few weeks, the price of Bitcoin has been holding in the lower $60,000 price range, an area where the asset had been trading since geopolitical tensions rose last weekend. The year already began is a highly disappointing manner for crypto asset holders, who have only seen the price of BTC falling over the weeks, and dragging down altcoin asset prices with it.
Last week, tensions tightened as Israel and the US declared war on Iran, resulting in Iran attacking the US bases all across the Middle East. While countries like Kuwait, Bahrain, Qatar, and the UAE retaliated with a high focus on defence to protect their residents and borders, tensions remain high, and all countries remain on high to keep the situation from escalating.
This time of conflict led analysts to compare the current crisis to crises of the past, when Trump went on to attack other countries and compare the price action of crypto assets. On this front, many highlighted how, in such cases, crypto prices always dropped to hit lower market prices and then surged back up to reclaim higher prices, a pattern that seems to be playing out now.
Pioneer Crypto Asset Could Rise Exponentially
As we can see from the post above, this popular figure in the space marks how Bitcoin is up 9% this week after having dropped immediately when the war started. He highlights how markets were closed then allowing many to sell crypto assets alone and commends how BTC price bounced back quickly, alongside other altcoin prices. He concludes that the drop was quick and temporary.
Similarly, another response adds how the reaction was pretty textbook. When the conflict headline hit, BTC was basically the only liquid market open, so it became the first place people could de-risk. That kind of knee-jerk drop doesn’t necessarily say much about the underlying bid. What’s more interesting is the bounce and the relative strength afterwards. If BTC keeps stabilizing while other assets stay shaky, the “liquidity hedge” narrative starts getting stronger again.
