{"id":17532,"date":"2024-04-08T18:00:35","date_gmt":"2024-04-08T18:00:35","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17532"},"modified":"2024-04-08T14:26:59","modified_gmt":"2024-04-08T14:26:59","slug":"bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/","title":{"rendered":"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin"},"content":{"rendered":"<p>Following several days of turbulence and uncertainty, Bitcoin [BTC] rebounded and crossed the $70,000 mark. Huge profit realizations totaling more than $2.7 billion have been a major factor in the company&#8217;s price drop since April 2. However, BTC quickly recovered, and it is being traded at $71.900 at the time of writing, rising by 3.72% over a day.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#Bitcoins_Recovery\" title=\"Bitcoin&#8217;s Recovery\">Bitcoin&#8217;s Recovery<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#Reasons_for_the_Continuation_of_Bitcoins_Rise\" title=\"Reasons for the Continuation of Bitcoin&#8217;s Rise\">Reasons for the Continuation of Bitcoin&#8217;s Rise<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoins_Recovery\"><\/span>Bitcoin&#8217;s Recovery<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although there are many variables, here are the reasons that can be considered as the reasons for Bitcoin&#8217;s comeback.<\/p>\n<p>According to some analysts, a contributing element to the price recovery was a decrease in selling pressure as short-term investors no longer experienced losses from the price correction. Also, new USDT has been minted, supporting the resurgence of Bitcoin since there has always been a significant correlation between USDT and BTC.<\/p>\n<p>Additionally, the accumulation addresses saw a massive influx of BTC, and their reserves reached a record level. When taken as a whole, these events gave Bitcoin the support it needed and enabled it to recover in price.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Reasons_for_the_Continuation_of_Bitcoins_Rise\"><\/span>Reasons for the Continuation of Bitcoin&#8217;s Rise<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Due to a lower net deposit on exchanges than the previous seven-day average, there was strong purchasing pressure on Bitcoin. Also, long-term holders\u2019 movements in the last seven days were lower than average, therefore indicating that they are willing to hold their assets. Furthermore, the Relative Strength Index (RSI) signaled that BTC\u2019s price might continue to rise in the upcoming days.<\/p>\n<p>All in all, Bitcoin&#8217;s recovery seems to continue, heading into <a href=\"https:\/\/coinengineer.net\/blog\/what-to-expect-from-bitcoin-halving-in-april-2024\/\">halving<\/a> with a strong hand.<\/p>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following several days of turbulence and uncertainty, Bitcoin [BTC] rebounded and crossed the $70,000 mark. Huge profit realizations totaling more than $2.7 billion have been a major factor in the company&#8217;s price drop since April 2. However, BTC quickly recovered, and it is being traded at $71.900 at the time of writing, rising by 3.72%<\/p>\n","protected":false},"author":6,"featured_media":17556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[61,60],"class_list":["post-17532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin","tag-btc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Following the week of ups and downs and uncertainty, Bitcoin crossed the $71k mark. Recovery seems to continue and here are the reasons.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Following the week of ups and downs and uncertainty, Bitcoin crossed the $71k mark. Recovery seems to continue and here are the reasons.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-08T18:00:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-08T14:26:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/\",\"name\":\"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg\",\"datePublished\":\"2024-04-08T18:00:35+00:00\",\"dateModified\":\"2024-04-08T14:26:59+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"description\":\"Following the week of ups and downs and uncertainty, Bitcoin crossed the $71k mark. Recovery seems to continue and here are the reasons.\",\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg\",\"width\":900,\"height\":563,\"caption\":\"bitcoin, btc\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin - Coin Engineer","description":"Following the week of ups and downs and uncertainty, Bitcoin crossed the $71k mark. Recovery seems to continue and here are the reasons.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin - Coin Engineer","og_description":"Following the week of ups and downs and uncertainty, Bitcoin crossed the $71k mark. Recovery seems to continue and here are the reasons.","og_url":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/","og_site_name":"Coin Engineer","article_published_time":"2024-04-08T18:00:35+00:00","article_modified_time":"2024-04-08T14:26:59+00:00","og_image":[{"width":900,"height":563,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg","type":"image\/jpeg"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/","url":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/","name":"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg","datePublished":"2024-04-08T18:00:35+00:00","dateModified":"2024-04-08T14:26:59+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"description":"Following the week of ups and downs and uncertainty, Bitcoin crossed the $71k mark. Recovery seems to continue and here are the reasons.","breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/bitcoin-recovery.jpg","width":900,"height":563,"caption":"bitcoin, btc"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/bitcoin-crosses-71k-reasons-for-the-recovery-and-rise-of-bitcoin\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Bitcoin crosses $71k, Reasons for the Recovery and Rise of Bitcoin"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/17532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=17532"}],"version-history":[{"count":3,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/17532\/revisions"}],"predecessor-version":[{"id":17586,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/17532\/revisions\/17586"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/17556"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=17532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=17532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=17532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}