Bitcoin Regains Perch Above $115,000 as Crypto Markets Rebound

An analyst called the crypto market's recent dips "an opportunity" for investors.

Bitcoin is the leading digital currency by market cap. Image: Shutterstock/Decrypt

In brief

• Bitcoin is up around 1.3% in the last 24 hours, reclaiming $115,000 while Ethereum has jumped 2.8% and is above $3,600.

• ETH ETFs regained inflows on Tuesday despite Bitcoin ETFs posting another day of outflows.

• Analysts seem unfazed by the market movement, noting that dips are expected in bull markets.

Crypto markets rebounded on Wednesday, led by gains for Bitcoin and Ethereum which reclaimed $115,000 and $3,600, respectively. 

BTC recently gained 1.3% over the past 24 hours, while ETH has jumped 2.8% in that timeframe. 

The second largest crypto asset’s rise comes after Ethereum ETFs snapped a streak of two consecutive days of outflows by bringing in more than $73 million on Tuesday, according to data from Farside Investors. 

Bitcoin ETFs extended their streak of outflows, albeit with net outflows dropping to $196 million on Tuesday, compared to $333 million on Monday and $819 million on Friday. 

Analysts remain undeterred by recent outflows and the market dip which has brought Bitcoin 6% off its mid-July all-time high. 

“Historically, when you zoom in to prior bull markets, it's never ‘up only.’ Instead, bull markets often are accompanied by volatility, and lots of it,” Bitwise Head of Research Ryan Rasmussen told Decrypt. 

“The bull market we are currently in is no different. For starters, when prices run up to all-time highs, traders get over-excited, and they add leverage. Then, when the price moves down, they are forced to sell or get liquidated. That leads to short-term, whip-saw like sell-offs and rebounds. That's exactly what we've experienced over the past week.”

Liquidations topped nearly $900 million on Friday as Bitcoin sank to around $113,000 and Ethereum and XRP, a Ripple-linked asset, dropped to $3,500 and $2.92.