Why is Bitcoin Price Up Today? BTC Price Follows Asia’s Nikkei 225, Hits $60.5K

Bitcoin (BTC) price closely followed Asia’s Nikkei 225 in a bullish recovery on Tuesday. The flagship coin pumped over 3 percent in the past 24 hours to trade about $60.5k on Tuesday during the early Asian session. As a result, almost the entire crypto industry followed the same path, led by Binance Coin (BNB), Ripple-backed XRP, and Tron (TRX).

The notable Bitcoin price recovery in the past 24 hours reduced the fear of further capitulation as more buyers doubled their investments. Bitcoin’s fear and greed index increased from 28 percent to 30 percent, denoting reduced fear of further crypto capitulation.

Bitcoin Whales Increases Appetite

? Bitcoin’s whales, specifically wallets that hold between 100-1K BTC, have accumulated 94.7K more coins in the last 6 weeks. As price uncertainty has shaken many traders out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU

— Santiment (@santimentfeed) August 19, 2024

According to on-chain data analysis from Santiment, Bitcoin addresses holding between 100 and 1k BTCs added around 94.7k coins in the past six weeks. Currently, this group of Bitcoin. Whales hold a total of about 3.97 million BTC units.

Among the Bitcoin whales in this category is Japanese publicly traded company Metaplanet Inc., which purchased an additional 57.273 BTCs worth approximately $3.4 million. As a result, Metaolanet now holds a total of about 360.368 BTCs.

A whale accumulated 347 $WBTC($16M) again 7 hours ago!

Over the past week, this whale has accumulated a total of 1,953 $WBTC($118M) from #Binance at an average price of $58,853.https://t.co/XlRBgyL4Tt pic.twitter.com/g1KRtkK5eY

— Lookonchain (@lookonchain) August 20, 2024

Another different whale purchased a total of 347 Bitcoins, worth over $16 million, from Binance in the past 24 hours. Meanwhile, the US spot Bitcoin ETFs registered a net cash inflow of about 2,139 coins, worth around $125 million on Monday, led by Fidelity’s FBTC.

What Next?

I still think #BTC dominance will go higher from here.

ALT/BTC pairs are still above the lower part of their range and should at least fall to those levels IMHO. pic.twitter.com/raxNnNqA8Y

— Benjamin Cowen (@intocryptoverse) August 19, 2024

According to a reputable crypto analyst, Benjamin Cowen, Bitcoin will continue to gain against the altcoin industry in the near term. The crypto analyst anticipates a continued rise in Bitcoin’s dominance towards 60 percent.

From a technical standpoint, Bitcoin price is not yet out of the woods after today’s bullish pump. The flagship coin must consistently close above the 50 and 200 Moving Averages (MAs) to maintain bullish momentum.

Otherwise, the Bitcoin price could retract below $60k again before rebounding towards its all-time high.

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