After experiencing its worst single-day loss in five years, Bitcoin seems to be recovering rapidly. Currently, Bitcoin (BTC) is on the uptrend after pumping by over 10% in the last 24 hours to reach its current value of over $5,850.
Despite suffering significant losses all through the past week and earlier this week, Bitcoin now seems to be recovering somehow after climbing up from a low of around $4,121 in less than seven days. At its value currently, Bitcoin is now up over a third since reaching its bottom in the past week.
Bitcoin has reached its highest value in over three days although it is still down almost 7% for the week. Looking a bit further back, it is evident that the flagship crypto is down 41% for the month.
Based on the most recent Chainalysis market report, Bitcoin’s recent bearish trend was caused by an “unprecedented increase in sell pressure.” However, all this pressure might be easing for now. Between March 12 and March 13, crypto exchanges got almost a 9X spike in sell pressure.
Nonetheless, the amount of Bitcoin that is headed to exchanges has now reduced to about twice the average. Also, the average size of transfers moving to exchanges has now decreased significantly since March 13. This shows that whales, institutions, and many other large holders are easing up. That could be the reason behind the current recovery in the market today.
The uptrend in the Bitcoin markets is set to continue unless the economy falters once more.