Bitcoin (BTC) Price Rebounds From Recent Selloff, Altcoins Register Similar Gains

Bitcoin's (BTC) price has rebounded from the recent selloff in the past three days. During the early European session, the flagship coin pumped more than

Bitcoin (BTC) price showed signs of recovery on Wednesday morning, following a recent selloff that saw around $106 million being liquidated from the entire crypto derivatives market. In comparison to the recent capitulation, which resulted in around $700 million being liquidated, the recent sell-off appears to have been absorbed by the market.

As of press time, BTC price displayed a 3 percent gain on the daily chart, currently trading around $59,200. The flagship coin’s recent bullish momentum also influenced the broader altcoin industry, with several major altcoins, such as Avalanche (AVAX), Cardano (ADA), and Polkadot, registering gains.

Bitcoin Fear Index Shows Highest Level of Fear Since January 2023

Bitcoin’s fear and greed index recently indicated that the crypto industry has been experiencing its highest level of fear since January 2023. This index, which tracks various metrics to gauge market sentiment, has been closely followed by investors throughout the year.

According to a recent tweet by a crypto enthusiast, the crypto market fear reached its highest point on Tuesday. This recent development in the market could be attributed to the recent sell-offs and the upcoming key economic data from the United States.

Bitcoin price recently dropped to around $54,000 after the German government sold a portion of its BTC holdings, and the Mt.Gox trustee began repaying creditors in BTC. However, some investors viewed this dip as an opportunity to buy the flagship coin at a lower price.

According to on-chain data, one single whale purchased around 10k BTCs on Tuesday. This whale activity, along with other whale traders, might be contributing to Bitcoin’s recent bullish momentum.

Furthermore, the US-based spot Bitcoin ETFs have registered a total cash inflow of over $650 million in the past three days. This recent bullishness among investors might be impacting the overall market sentiment and leading to Bitcoin's price increase.

Bitcoin Price Awaits US CPI Data as Key Resistance Looms at $58,400

Bitcoin price recently rebounded from the crucial support/resistance level around $59,000 ahead of tomorrow’s US CPI data. This key economic data will be closely watched by investors to assess whether the Federal Reserve will begin the much-anticipated interest rate cuts later this year.

If BTC price can reclaim $58,400, a $60,000-$60,700 retest is likely. What happens between $60k and $58,400 will determine whether #Bitcoin sees $67k or $48k next.

All eyes on US CPI and PPI this Thursday and Friday. https://t.co/trRto6OiNY pic.twitter.com/cHC3pjenfc

According to popular crypto analyst Justin Bennett, traders should be keeping an eye on how Bitcoin performs between $58,400 and $60,000. Additionally, a solid close above $60,000 could yield a rally towards $67,000, while the opposite will lead to a further market correction towards $48,000.

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