Bitcoin Price Rebounds Amidst Institutional Confidence
Bitcoin's price has been volatile in recent days, experiencing a significant drop and then rebounding. According to Moomoo, the current price of BTC is $79,382, representing a 0.49% increase from last week. This uptick comes despite strong US non-farm payrolls data, which triggered a decline below $80,000 and led to over $200 million in liquidations.
However, institutional confidence remains high as whales accumulated 6,765 BTC ($521M) during the pullback. The correlation between Bitcoin and gold has reached a pandemic-era high of 0.50, indicating a potential decoupling from traditional assets.
The market has been responding to various events, including Bhutan's transfer of $30.6M in BTC for treasury purposes. This transaction highlights the growing adoption of cryptocurrencies by governments and institutions.