Bitcoin Price Reclaims $19k Level, BTC Might See A Recovery Rally This Weekend

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The volatility in the Crypto market is nothing new and this volatility is the one that has kept most of the market participants away from entering the space. The year 2022 has been one of the worst for cryptocurrencies, especially Bitcoin as the volatility began at the start of the year and is still continuing.

The market which was slightly recovering was pulled back yesterday, Oct 13 after the PPI (Producer Price Index) was released which turned out to be a negative one. However, at present, the market seems to be recovering.

Bitcoin Price Recovery on Horizon

The crypto market recovery is a long-awaited scenario that will get some stability for cryptocurrencies. Meanwhile, the analytic firm, Santiment is pointing towards a market recovery soon.

The firm claims that there is an inflow of USDT from suppliers, whales, and sharks which has been redistributed. This return of supply into whale addresses has influenced Bitcoin to see some recovery movement. In recent times, there is a strong correlation seen between Bitcoin and USDT where the USDT’s supply increase is influencing Bitcoin’s price rise.

Whenever the stablecoin sees its supply rise, the buying power of market participants increases as stablecoins cannot be used anywhere other than getting to know a glimpse of Bitcoin, Ethereum, and other crypto volatility. However, though USDT supply has increased, it’s nowhere near the figure which was seen before the 2021 market crash.

On the other hand, Bitcoin price has regained its $19,000 level and is currently trading at $19,822 with a surge of 3.89% over the last 24hrs. If the market experiences favorable macroeconomic conditions, most likely there will be a bullish sentiment across the market.