Bitcoin price surged over 6% after it managed to hold the $27K level despite pressure from the U.S. CFTC sentiment. filed a lawsuit against Binance for violating crypto and derivatives trading rules. In the last 24 hours, the price of BTC had a low and a high of $26,677 and $28,610 respectively.
A massive recovery was seen in the broader crypto market with XRP leading the surge among the top altcoins, with an upward movement of over 18%. The price of Cardano (ADA) jumped 12%, Ethereum (ETH) 6%, Polygon (MATIC) and Solana (SOL) 8%.
BitMEX co-founder Arthur Hayes speculated whether or not Bitcoin's bullrun was supported by FUD and worsening market conditions.
CryptoQuant data reveals that whale clusters are active again in derivatives exchanges. Rally of whales sparks crypto market recovery despite Binance FUD.
On-chain analysis reveals a high flow of money to the futures exchange. High tides indicate a period of gathering of whales. Normally, the gathering of whales will drive the price of BTC to spike. Whales bought on the lows when the price of BTC fell below $27K. Whale has used the futures exchange to drive up the price of Bitcoin amid low liquidity in the market. However, it has caused volatility in the crypto market to likely increase.
The market is currently focusing on the price range around $29K-$30K for confirmation.
