Bitcoin price recovered by more than 15% over the past 5 days and is on track of testing $34,000 but be careful

Bitcoin price saw a great few days following the B Word Conference where Elon Musk, Jack Dorsey, and Cathie Wood spoke quite fondly of it. It’s up 15% in five days, and it appears to be preparing for a test of $34,000.

Bitcoin price has surged 4%, inching closer to the $34,000 level but be careful

This has been a very tumultuous week for Bitcoin. Earlier in the week, the price dropped sharply to around $29,200 but did not cause fear and panic in the market. Fortunately, it didn’t take long for the price to reverse.

Thanks to the much-anticipated B Word event, which catalyzed a rally, the price headed towards $34,000. At press time, BTC is trading at $33,700, up more than 15% from lows below $30,000 earlier in the week.

According to the CryptoQuant data, Bitcoin remains in the bull market despite the recent 50% correction. Analyzing the MVRV cycle, since 2013, periods during which Bitcoin was declining were the best times for buying the dip prior to arising.

bitcoin-price-recovered-by-more-than-15-and-is-on-track-of-testing-34000

Source: CryptoQuant 

On the contrary, Santiment shows that the supply of Bitcoin on crypto exchanges continues to drop to the 18-month long that was last seen on January 2 this year. The 18-month low reached by Bitcoin supply across exchanges will reduce the chances of any major sell-offs in the future and improve the odds of Bitcoin eventually recovering in the future.

“Bitcoin is inching close to the then 18-month low of its supply on exchange ratio, which was hit back on Jan 2, 2021. As BTC continues moving off exchanges during these suppressed prices, it’s a promising sign that markets have decreased selloff risk”, Santiment stated.

bitcoin-price-recovered-by-more-than-15-and-is-on-track-of-testing-34000

Source: Santiment

In the past 24 hours alone, quite a few altcoins managed to paint some significant gains. Ether is up about 3.5% on the daily, convincingly overtaking $2,100. ADA is also up about 2.5%, while XRP is up 3%.

It’s a sea of green today, and it’s interesting to see if this will continue throughout the rest of the weekend. Meanwhile, some specific altcoins continue to paint highs after highs. Case in point – Axie Infinity (AXS) managed to score a new ATH yesterday above $47 and is still over 30% up on the day.

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