{"id":532948,"date":"2023-05-15T20:00:55","date_gmt":"2023-05-15T20:00:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=532948"},"modified":"2024-06-11T08:11:06","modified_gmt":"2024-06-11T08:11:06","slug":"bitcoin-reclaims-27000-here-are-the-factors-driving-the-recovery","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-reclaims-27000-here-are-the-factors-driving-the-recovery\/","title":{"rendered":"Bitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery"},"content":{"rendered":"

 <\/p>\n

Bitcoin began another recovery trend over the weekend and has been on a bullish path since. This follows last week\u2019s incredible bearish movement which saw the digital asset drop below the $26,000 mark for the first time in over a month. However, the bulls are beginning to pick up steam once more, but what could be driving it?<\/p>\n

Bitcoin Accumulation Continues<\/h2>\n

Now, while the decline in prices may have been a deterrent for some, others had taken the opportunity to fill up their bags. The \u2018Wholecoiner\u2019 movement consists of Bitcoin supporters who aim to get their holdings to at least 1 BTC, making a whole coin.<\/p>\n

Related Reading: Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact<\/a><\/div>\n

This trend has been rising over the last few years and recently hit an important milestone over the weekend. As of today, there are now over 1 million addresses that are holding at least 1 BTC for the first time in history, data from on-chain aggregator Glassnode shows.<\/p>\n

\"Bitcoin<\/p>\n

Addresses holding at least 1 BTC cross 1 million | Source: Glassnode<\/a><\/pre>\n
The new milestone was reached at a time when cryptocurrencies in the space were bleeding, presenting a unique opportunity for investors to get in at lower prices. The expectation of better prices from here on out, as well as the uncertainty in the banking industry, has also been a driver in this accumulation trend.<\/p>\n
Naturally, when investors are accumulating coins as they are now, it reduces the supply in the market. A reduced supply creates scarcity and this scarcity can lead to higher prices. So such as scenario could be what played out during the weekend.<\/p>\n
\"Bitcoin<\/p>\n
BTC price recovers above $27,000 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
BTC Investor Sentiment Is On The Rise<\/h2>\n
As the price of Bitcoin declined over the last week, investor sentiment went down with it, causing the Crypto Fear & Greed Index to fall below the 50 level once more. While the index still remained in neutral territory, it was bearish given that just a couple of weeks ago, the index was sitting at high greed.<\/p>\n
Related Reading: Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?<\/a><\/div>\n
However, as BTC\u2019s price has bounced back, sentiment has followed suit. The index is now sitting at a neutral score of 50. This puts the bears and the bulls at a stalemate, meaning each side would have to show higher strength than the other to swing it in their favor.<\/p>\n
Despite not being back in green, it is an improvement from yesterday\u2019s score of 48, which was dangerously close to plunging the investor sentiment back into the fear territory.<\/p>\n
If BTC manages to maintain its current recovery trend, then investor sentiment will grow increasingly positive. However, support at $27,000 is still quite shaky and this means bears could easily take over the market, especially if momentum falls.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
  Bitcoin began another recovery trend over the weekend and has been on a bullish path since. This follows last week\u2019s incredible bearish movement which saw the digital asset drop below the $26,000 mark for the first time in over a month. However, the bulls are beginning to pick up steam once more, but what could be driving it? Bitcoin Accumulation Continues Now, while the decline in prices may have been a deterrent for some, others had taken the opportunity to fill up their bags. The \u2018Wholecoiner\u2019 movement consists of Bitcoin supporters who aim to get their holdings to at least 1 BTC, making a whole coin. Related Reading: Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact This trend has been rising over the last few years and recently hit an important milestone over the weekend. As of today, there are now over 1 million addresses that are holding at least 1 BTC for the first time in history, data from on-chain aggregator Glassnode shows. Addresses holding at least 1 BTC cross 1 million | Source: Glassnode The new milestone was reached at a time when cryptocurrencies in the space were bleeding, presenting a unique opportunity for investors to get in at lower prices. The expectation of better prices from here on out, as well as the uncertainty in the banking industry, has also been a driver in this accumulation trend. Naturally, when investors are accumulating coins as they are now, it reduces the supply in the market. A reduced supply creates scarcity and this scarcity can lead to higher prices. So such as scenario could be what played out during the weekend. BTC price recovers above $27,000 | Source: BTCUSD on TradingView.com BTC Investor Sentiment Is On The Rise As the price of Bitcoin declined over the last week, investor sentiment went down with it, causing the Crypto Fear & Greed Index to fall below the 50 level once more. While the index still remained in neutral territory, it was bearish given that just a couple of weeks ago, the index was sitting at high greed. Related Reading: Does The Bitcoin Price Dump Signal The Start Of Another Bear Market? However, as BTC\u2019s price has bounced back, sentiment has followed suit. The index is now sitting at a neutral score of 50. This puts the bears and the bulls at a stalemate, meaning each side would have to show higher strength than the other to swing it in their favor. Despite not being back in green, it is an improvement from yesterday\u2019s score of 48, which was dangerously close to plunging the investor sentiment back into the fear territory. If BTC manages to maintain its current recovery trend, then investor sentiment will grow increasingly positive. However, support at $27,000 is still quite shaky and this means bears could easily take over the market, especially if momentum falls. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":532978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84627,679,1119,1144,78790],"class_list":["post-532948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-performance","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery<\/title>\n<meta name=\"description\" content=\"  Bitcoin began another recovery trend over the weekend and has been on a bullish path since. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery","url":"http:\/\/uniquehot.com\/news\/bitcoin-reclaims-27000-here-are-the-factors-driving-the-recovery\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-reclaims-27000-here-are-the-factors-driving-the-recovery\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1198049958.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1198049958.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin performance","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2023-05-15T20:00:55Z","datePublished":"2023-05-15T20:00:55Z","dateModified":"2024-06-11T08:11:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Reclaims $27,000, Here Are The Factors Driving The Recovery\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-reclaims-27000-here-are-the-factors-driving-the-recovery\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-reclaims-27000-here-are-the-factors-driving-the-recovery\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1198049958.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1198049958.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin performance\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-05-15T20:00:55Z\",\"datePublished\":\"2023-05-15T20:00:55Z\",\"dateModified\":\"2024-06-11T08:11:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/iStock-1198049958.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/532948"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=532948"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/532948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/532978"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=532948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=532948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=532948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}