Bitcoin today: BTC jumps 7.3% and reclaims $93,000

Source: PortaldoBitcoin Original Title: Bitcoin today: BTC surges 7.3% and reclaims US$ 93,000 Original Link: After starting the week in the red, Bitcoin (BTC) changes course this Wednesday (3) and surprises investors with a 7.3% increase in the last 24 hours, boosting its price to the current US$ 93,308.

In Brazilian reais, BTC is heading toward the R$ 500,000 mark, currently trading at R$ 497,224.

The recovery of the market-leading cryptocurrency began yesterday afternoon, when the asset jumped 8% and neared the best daily return of the year, which was recorded on March 2, when BTC appreciated 9.5%, according to data from CoinGecko.

Bitcoin is not rising alone, but is following a broad recovery in global markets after a tense week, as investors react to growing expectations of interest rate cuts from the Fed. In the crypto world, there was an increase in ETF activity in the US after a major asset manager decided to start offering Bitcoin, Ethereum, and XRP ETFs.

Both cryptocurrencies are posting even greater gains than Bitcoin this morning, with ETH jumping 9.3% on the day and XRP up 8.6%.

The current scenario for Bitcoin

According to analyst André Franco from Boost Research, Bitcoin trading in the current US$ 93,000 range results in a short-term scenario that tends to be neutral to slightly positive.

“The reversal of the recent correction and the renewed appetite for risk are creating a more favorable environment for crypto assets, especially if the easing of stress in the bond markets continues and no negative macro shocks emerge,” he said.

However, he points out that without a strong additional catalyst — such as a major inflow into ETFs, “extraordinary” new macro data, or an official US monetary policy decision — the bullish movement “will likely be modest,” with a high chance of price consolidation.

Analysts from Glassnode highlighted that last week, Bitcoin faced strong rejection around the US$ 93,000 level. Now, however, with the price trying to break through this level again today, there are large clusters of short position liquidations forming.

“Short liquidations can boost the rally, as forced buyers amplify the momentum,” they concluded.