Bitcoin Reclaims $75K as Buyers Push Rally Higher
- Bitcoin analyst James Check said the latest rally is putting increasing pressure on bearish traders.
- Bitcoin climbed above $75,000 during late U.S. trading Thursday, reclaiming the level for the first time since late May.
- BTC was trading near $75,400, up about 8% in the past 24 hours. Ether rose 4.8% to approximately $2,376, while XRP jumped 16% to $1.29, leading gains among major cryptocurrencies.
- Check said Bitcoin has already endured two forms of capitulation this year: a sharp price-driven sell-off in February and a prolonged period of time-based capitulation in June. The latest rebound, he said, is now putting bears under pressure.
- Bitcoin has gained around 19% over the past week, while Ether is up 25% and XRP has advanced 28%.
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