The crypto market is up 0.87% to 2.4 trillion dollars in 24 hours, primarily driven by Bitcoin-led momentum and the accumulation of large investors ("whales"). It shows a strong correlation (89%) with the S&P 500, indicating a common movement influenced by macroeconomic factors.

Main reason: The recovery of Bitcoin, driven by large purchases from "whales" and positive social sentiment, lifted the market overall.

Secondary reasons: A significant drop in liquidations reduced selling pressure, while oversold technical conditions attracted short-term buying.

Short-term outlook: The rebound could continue if BTC holds above 71,000 dollars, but it faces a key test with ETF flow data in the U.S. on Monday; if it does not hold, it could retest the market capitalization low of 2.17 trillion dollars.

Detailed Analysis

1. Bitcoin-led momentum and accumulation of "whales"

Summary: The market increase was led by Bitcoin, with the Bitcoin ecosystem as the sector with the highest gains, rising 1.69%. Significant activity from large investors was highlighted on social media, with lookonchain reporting two new wallets that withdrew 3,500 BTC (249 million dollars) from Binance on February 8.

What it means: Accumulation off exchanges suggests that institutional or high-net-worth investors are positioning themselves, providing fundamental demand that supports prices.

What to watch: To keep Bitcoin's dominance above 58.7% to confirm its ongoing leadership.

2. Reduction of selling pressure and rebound from oversold conditions

Summary: Liquidations across the market fell 34% to 119.76 million dollars in 24 hours, significantly reducing forced selling. This occurred alongside deep oversold readings, with an RSI14 at 31 and a Fear and Greed Index at 8 ("Extreme Fear").$BTC