Bitcoin is back to the $28k mark as the market rallies
Bitcoin (BTC) plunged below the $28,000 market on April 3, when the top 12 cryptocurrencies moved to the red zone. However, the flagship digital currency has been showing bullish momentum with the $25 billion market recovery.
On April 3, bitcoin dipped to a 24-hour low of around $27,300 as the total crypto market witnessed a $28 billion fall. It started to move upwards as key indicators show positive signs.
Bitcoin is trading at roughly $28,020 at the time of writing, according to crypto.news data. The largest cryptocurrency is up by 1.2% in the past 24 hours with a market cap of over $542 billion. Moreover, BTC has a market dominance of 46.1% at the time of writing.
Bitcoin’s bullish momentum started as the total crypto market capitalization rose from its local bottom of $1.15 trillion to $1.175 trillion in less than 24 hours, according to CoinMarketCap (CMC) data
Furthermore, Glassnode data shows that the number of addresses depositing bitcoin on exchanges has been constantly moving upward since April 1. The number has reached a one-month high of 4,976.714 on a seven-day median average.
On April 3, data provided by Glassnode suggested the rise of BTC accumulation, which is a key bullish indicator, according to a crypto.news report. The trend comes while bitcoin is closing to the $30,000 mark with investors piling up on the asset.