Bitcoin's 12% Price Rally on Thursday Was the Biggest Since February 2022

• BTC ended Thursday UTC with a nearly 12% gain, the biggest since Feb. 28, 2022, according to TradingView.
• Risk assets stabilized as upbeat weekly U.S. jobs data eased recession concerns.
• Observers cite $61,800 and $54,000 as key levels to watch out for in the near term.

Bitcoin's BTC$92,374.23 price recovery from Monday's rout has gathered pace and how.

The cryptocurrency surged nearly 12% to $61,720 on Thursday alone, the biggest single-day UTC gain since Feb. 28, 2022, when prices rallied over 14%, according to charting platform TradingView. The total crypto market capitalization rose 11% to $2.11 trillion, the biggest jump since Nov. 10, 2022.

Most gains happened during the U.S. trading hours as better-than-expected U.S. jobless claims data eased recession fears, pushing U.S. stocks higher. Wall Street's fear index, VIX, fell to 23, offering positive cues to risk assets, including cryptocurrencies. More importantly, the rally in the anti-risk Japanese yen stalled as the Bank of Japan pushed back against near-term rate hikes.

The U.S.-listed spot exchange-traded funds (ETFs) amassed $194.6 million in investor funds, the highest tally since July 2022, according to Farside Investors. BlackRock's IBIT alone drew $157.6 million in investments.

Stocks and bitcoin began losing ground last week after the Bank of Japan raised interest rates, triggering an unwinding of the yen carry trades and concerns grew about the U.S. economy. The selling became so intense on Monday that BTC dipped to $50,000 at one point, having peaked near $70,000 just a week ago.

According to blockchain analytics firm Santiment, whales or wallets with large BTC holdings accumulated the cryptocurrency during Monday's price crash.

"August 5th and 6th saw the highest level of Bitcoin whale transactions since the first week of April. According to the total holdings of wallets with 10 to 1,000 BTC, they rapidly accumulated on the price dip that saw crypto's top asset fall below $50K," Santiment said on X.

Looking ahead, $61,800 is the level to beat for the bulls, according to Alex Kuptsikevich, senior market analyst at FxPro.

"The ability to close above this at $61.8K could encourage buyers to rally quickly to $67K. A retreat from this level would set up a scenario of a return to the area of the sustained July and August lows near $55.5K," Kuptsikevich told CoinDesk in an email, adding that $61,800 marks the confluence of the 50- and 200-day simple moving averages.

Per Investment Advisor Two Prime, the bias remains bullish while prices hold support at $54,000, and geopolitical issues and the Fed policy hold the key to the next big price moves.

"We continue to watch $54K as a major support area, followed by $50K. So far, these levels remain intact, and there has been persistent demand each time bitcoin has reached this area," Two Prime said in a Telegram note to clients.

"Now we wait to see if the Israel/Iran conflict escalates and whether or not the U.S. government will step in to curtail risks in both the geopolitical arena, and the monetary policy of the Federal Reserve," Two Prime added.