---
title: "CryptoQuant shares reasons behind Bitcoin’s $70k recovery"
url: https://diffcoin.com/cryptoquant-shares-reasons-behind-bitcoins-70k-recovery/
description: "The CryptoQuant platform author shared their opinion on the return of the Bitcoin price above $70,000 after several weeks of correction."
published: 2024-04-08
updated: 2024-04-08
author: "Mila"
site: "Diffcoin"
---

# CryptoQuant shares reasons behind Bitcoin’s $70k recovery

The CryptoQuant platform author shared their opinion on the return of the Bitcoin price above $70,000 after several weeks of correction.

According to the expert, the price of Bitcoin (BTC) recovered after several weeks for several reasons. First, the crypto market saw a significant portion of investors’ profits for $2.7 billion, while selling pressure weakened as holders of short-term bonds ceased to realize the losses from the price correction.

Another reason for recovering the first cryptocurrency is the release of several billion stablecoins USDT last week.

> “New USDT has been minted, and as you can see, there is a strong correlation between the market cap of USDT and the price of Bitcoin.”
> 
> CryptoQuant experts

Another significant trend contributing to Bitcoin’s recovery is the massive influx of BTC into savings addresses, as Bitcoin reserves have reached an all-time high.

The Bitcoin price jumped to $72,000 today, while the Fear and Greed Index reached 76 points, meaning there is ‘extreme greed’ among BTC traders. Many experts agree that BTC is rising for two key reasons: the upcoming halving in April and continued interest in spot Bitcoin ETFs.

![CryptoQuant shares reasons behind Bitcoin's $70k recovery - 1](https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-08-at-20.34.02-1024x535.png)

Source: CoinMarketCap

The excitement is also noticeable in the influx of capital into cryptocurrency investment products. From March 30 to April 5, inflows amounted to $646 million. Since the beginning of the year, total receipts have reached a record $13.8 billion.

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