Bitcoin Spikes by 2x in 26 Days: What’s Actually Behind the Big Rally?
Source Node:
https://cointelegraph.com/news/bitcoin-spikes-by-2x-in-26-days-whats-actually-behind-the-big-rally
The Bitcoin (BTC) price has increased by two-fold in less than a month, surging from $3,600 to over $7,350. While traders believe a combination of many factors caused the upsurge, there are three main factors that likely contributed to it.The three factors are a significant surge in spot buys, a massively overextended plunge below $4,000, and the immediate recovery of BTC to major support levels.Factor 1: Bitcoin spot buys on the riseCoinbase, Kraken, Binance, Bitfinex and other spot exchanges saw a substantial spike in buy volume following the March 13