After dropping all the way to $66,000 earlier on Thursday, the Bitcoin (BTC) price has registered a healthy bounce back all the way to $70,000 once again. As of press time, BTC is trading 1.32% up at a price of $69,269.64 with a market cap of 1.36 trillion.
Bitcoin Investors ‘Buy The Dip’
In a recent market analysis, QCP Capital highlights a significant uptick in Bitcoin prices during the New York trading session, with substantial dip buying activity propelling prices back towards the $70,000 mark. Analysts suggest that this surge in prices is likely driven by increased demand for spot Bitcoin ETFs.
The notable price movement is attributed to large-scale purchases of Bitcoin 75,000 calls set to expire later this week. This surge in call options activity prompts speculation regarding market expectations for Bitcoin to surpass previous highs, potentially influenced by a dovish stance from the Federal Open Market Committee (FOMC).
Furthermore, JPMorgan managing director, Nikolaos Pani
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