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Bitcoin Price Rises for Second Day on Hopes for Soft Landing
The largest cryptocurrency continues to rebound from a five-week low.
Updated May 11, 2023, 3:34 p.m. Published Apr 19, 2022, 6:44 p.m.
Bitcoin (BTC) is up 2.8% in the past 24 hours, continuing its recovery from a five-week low around $38,700 on Monday.
As of press time, the largest cryptocurrency was changing hands at $41,373, still well off the high around $48,000 a few weeks ago.
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- “The macro landscape is looking positive in my opinion,” wrote Marcus Sotiriou, analyst at the U.K.-based digital asset broker GlobalBlock in a newsletter. “I am not concerned whether there is a 50-basis point rate hike or not. What matters is how strong the consumer is. The University of Michigan consumer sentiment index is flat, showing that we do not have unanchored inflation expectations, meaning that people do not think inflation is going to run away. This was not the case in the 1970s, which led to a recession.”
- Sotiriou said he thinks the economy will have a soft landing despite many analysts forecasting a recession. He is bullish on bitcoin and equities even though there might be a 50 basis point rate hike.
- Ether (ETH) rose 6.8% in the past 24 hours, trading just above $3,000. U.S. stocks were higher on Tuesday. The S&P 500 is up 1.3% today and the Nasdaq is up 1.7%.
- “It appears that there’s strong selling pressure in the $BTC perpetual swaps market,” IntoTheBlock Insight said in a Telegram message. There is a negative funding rate across all major exchanges and a rising open interest, which means that shorts are being opened.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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