The leading cryptocurrency, Bitcoin (BTC), started the new week with a strong recovery after its weekend decline, signaling renewed optimism.
Bitcoin at $76,000!
The price of BTC has continued its gradual rise since the beginning of the week, climbing to levels around $76,000.
Following the lack of a resolution in US-Iran talks over the weekend, Bitcoin experienced selling pressure due to increased geopolitical tensions, approaching the $70,000 mark. However, these losses quickly diminished in the new week as risk appetite recovered.
This rise in Bitcoin occurred in parallel with the positive outlook in global markets, and US stock markets also opened higher.
This rise is being influenced by the resumption of ceasefire talks between the US and Iran, and the increased expectation of falling oil prices. According to Saxo Bank analysts, this market recovery is directly linked to the expectation that geopolitical risks may decrease.
Speaking to Bloomberg, IG Markets analyst Tony Sycamore stated that for the uptrend to continue in the medium term, Bitcoin needs to consistently break through the key resistance line at $79,000.
You Might Miss Out on a Bitcoin Opportunity!
As Bitcoin rises, CryptoQuant CEO Ki Young Ju also stated that BTC is approaching its institutional cost base, arguing that the opportunity to buy BTC at this cost base is decreasing.
CryptoQuant CEO X, in a post on his account, stated that the Bitcoin price is approaching the cost basis for investors like Strategy founder Michael Saylor and institutional ETF investors. Ju also noted that other investors may not have the opportunity to buy at this price for very long. This means that if the Bitcoin price rises further, opportunities to buy below this range may gradually decrease.
Strategy Recovered Its Losses!
With the recent surge, Bitcoin surpassed Strategy’s average cost of $75,577, allowing Strategy to recoup its BTC losses. As a result, Strategy’s Bitcoin holdings went from loss to profit. As of April 12th, Strategy had announced holding 780,897 BTC at an average cost of approximately $75,577 per BTC.
*This is not investment advice.