Bitcoin's (BTC) price has recovered over the weekend, surging past $64,000 after hitting a recent low of $56,800 last Wednesday. This rebound in value has brought renewed optimism to the market, coinciding with Bitcoin reaching a significant milestone of processing one billion transactions in its 15-year history. At press time, the bullish momentum was still in play, with BTC changing hands at $64,309, a 1.39% surge from the intra-day low.
Concurrently, the BTC’s market capitalization surged by 1.34% to $1,266,599,130,157, while the 24-hour trading volume dipped by 7.80% to $18,210,864,254
On May 5th, the Bitcoin network achieved a monumental milestone of one billion transactions, a testament to the network's growth and resilience since its inception. Clark Moody's Bitcoin dashboard confirmed that transaction 1,000,000,000 was included in block 842,241, mined at 9:34 p.m. UTC. This achievement arrives 15 years, four months, and four days after the first Bitcoin block was mined by pseudonymous creator Satoshi Nakamoto.
The average daily transaction count throughout Bitcoin’s 5,603 days of existence is estimated at around 178,475. However, this count doesn't reflect the transactions conducted on the Bitcoin Lightning Network, a layer-2 solution designed to facilitate faster and cheaper micropayments. River, a Bitcoin-only exchange, estimated that the Lightning Network alone processed 6.6 million transactions in August 2023.
Investor confidence in Bitcoin appears to be rebounding as renewed inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), particularly the Grayscale Bitcoin Trust (GBTC), contributed to the weekend rally. The Alternative Fear and Greed index revealed a shift in market sentiment, moving from "fear" mid-week to "greed" over the weekend.
Bitcoin whales reportedly accumulated over 47,000 BTC last Friday, indicating that institutional investors viewed the recent price correction as an opportunity to buy. This accumulation, paired with improving market sentiment, points to a promising outlook.
Technical analysts have highlighted several promising signals in Bitcoin's recent price movements. The 50-day Exponential Moving Average (EMA) suggests a bullish trend, with Bitcoin consistently trading above this level. The 'three white soldiers' candlestick pattern on the 4-hour chart also indicates sustained upward momentum.
Currently, Bitcoin faces resistance near $64,500 and has immediate targets at $66,796 and $69,328, should the current trend continue. A downward channel near $63,200 could pose a challenge, but a decisive breakout above it would strengthen the bullish case. Conversely, if Bitcoin falters, support is expected at $61,735, with subsequent supports at $59,550 and $56,625.
Market analysts remain optimistic about Bitcoin’s price trajectory. BitMEX founder Arthur Hayes anticipates that Bitcoin could stabilize between $60,000 and $70,000 until August as market conditions improve. He cites changing Federal Reserve and U.S. Treasury policies as potential drivers of this stabilization. Meanwhile, technical analyst Rekt Capital sees the recent price correction as a setup for a potential spike in value between mid-September and mid-October 2025.
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