On Thursday, the price of Bitcoin, the leading cryptocurrency, rose to an intraday high of $62,729 on the Bitstamp exchange.

The largest cryptocurrency is up 26% over the past four days after falling to $49,557, its lowest level since the beginning of the year.

As noted by well-known cryptocurrency analyst Byzantine General, the cryptocurrency market has experienced the most “epic” bear trap ever.

The Bitcoin price collapsed in parallel with global stock markets, but quickly recovered along with them.

On the daily chart, the cryptocurrency recently recorded its largest green candle to date in dollar terms.

Map

JPMorgan attributes this resilience to strong institutional demand. Despite the market chaos, institutional players showed virtually no risk-off on CME’s Bitcoin futures. Notably, BlackRock’s IBIT also saw no outflows during the massive crash and is now seeing strong inflows again. At the same time, it is worth noting that the Bitcoin price came dangerously close to putting extreme pressure on Bitcoin miners.

As reported by U.Today, the Bitcoin market sentiment plunged into the “extreme fear” range after the devastating market crash. However, the Fear and Greed Index is now back in the neutral range at 48 out of 100. This is an example of another extremely impressive sentiment upswing.

According to data from CoinGecko, the leading cryptocurrency is currently trading at $60,805 after giving up some of its extremely impressive gains.