Bitcoin Surges to Over $61,000 – What Could be the Reason?

After experiencing a notable downturn, Bitcoin has managed to regain ground yet again in what looks like a short-term market revival.

Bitcoin’s price surged by around 2.6% in the past hour to $61,150. During the last 7 days, Bitcoin gained 7.4% after the recent lows and has a 24-hour volume of over $30 billion.

The number one crypto by market cap has a valuation of $1.2 billion, according to CoinMarketCap data.

Looking at the 1-day technical analysis from TradingView, there doesn’t seem to be any indication of where BTC is headed next. The summary and oscillators show “neutral” at 10 and 9, respectively, while moving averages point to “sell” at 8.

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In the past 24 hours, $108.55 million were liquidated from the crypto market – $57.55 million in shorts and $51 million in long positions, according to CoinGlass data.

Ethereum also registered a significant surge of 1.8% in less than an hour and is currently trading over $2,700. The top altcoin has a 24-hour volume of around $17.3 billion.

The main reason for this notable surge could be that Mt.Gox’s repayment plan may be coming to an end after a wallet related to the exchange started testing out transactions earlier today.

Alexander Stefanov