What Sent Bitcoin Flying Above $71,000? 5 Factors Behind the Surge

It gives us great (mostly unbiased) pleasure to write such an article, especially after weeks and months and nearly a year of painful declines or lack of any actual upside movement. After all, the cryptocurrency market is used to explosive movements, but this wasn’t the case for a long time. At least not in the ‘right’ direction.

Let’s quickly recap what happened in the past 24 hours: bitcoin traded at $64,400, then exploded to $70,000, then it was briefly pushed back to $68,000, then went on the offensive again, and then rocketed past $71,000 minutes ago for the first time since very early June.

As Glassnode put it, this was its most impressive daily close since February, but that one followed a major retracement. What makes the current pump so spectacular is that it had “no crash to bounce off.”

The last daily bitcoin:native close this large was in February, and that was just the rebound from the -14% day before it.

This one had no crash to bounce off. Against its own 30d volatility it was a 5.8 sigma move – the largest to the upside since October 2023. pic.twitter.com/SqiitTuTYc

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