Bitcoin is experiencing a resurgence after previously dropping to $59,000. It has successfully climbed back above the $62,000 mark, indicating a potential upward momentum.
This resurgence is bolstered by the inflow of $253.6 million into spot Bitcoin ETFs, which has reignited bullish hopes among investors. The investment in Bitcoin ETFs suggests increased confidence in the cryptocurrency's near-term prospects.
Furthermore, data from CryptoQuant highlights a noticeable decrease in the number of short-term holders, dropping from 55%. This decline suggests that more investors are holding on to their Bitcoin for longer periods, expecting potential gains.
Overall, these factors contribute to a positive outlook, with many speculating whether Bitcoin will break the $63,000 level soon. The combination of ETF investment and a decrease in short-term holders supports this bullish narrative.
