During the day, the cost of the first cryptocurrency increased by 6.1%, breaking the $71,000 mark. At the same time, the volume of liquidations on futures contracts on the crypto-asset market increased to $340 million.

According to the Coinglass platform, $262 million of losses were from short positions, $78 million from long positions. The indicator of Bitcoin's dominance in the market did not show significant changes: within 24 hours it fell by 1% and amounted to 55%.

According to analysts at Santiment, large investors resumed purchases of cryptocurrency, which led to a jump in Bitcoin to a monthly high.

At the same time, the number of bitcoins stored on exchanges continues to decline, amounting to just 2 million, the lowest level in the last five years.

In the last week alone, over 10,000 BTC were withdrawn from exchanges, continuing the second largest outflow in 2024. CryptoQuant analysts point to the stabilization of bitcoin balances on over-the-counter trading platforms, which leads to a decrease in the supply of coins entering the crypto market.

According to CryptoQuant experts, in order to maintain the growth of the value of Bitcoin, intensified purchases by exchange-traded funds and large investors are necessary. Without this, the price rally of the first cryptocurrency may soon end, analysts say.

Earlier, Santiment stated that the Bitcoin rate is not showing positive dynamics due to the sale of BTC by small traders.