​According to TradingView, Bitcoin (BTC) saw a significant gain of nearly 12% on Thursday, the largest since February 28, 2022. This surge in price comes as risk assets stabilized following upbeat weekly U.S. jobs data, easing concerns of a potential recession. Analysts are now keeping a close eye on key levels at $61,800 and $54,000 in the near term.

The cryptocurrency market as a whole also saw a significant increase, with the total market capitalization rising 11% to $2.11 trillion, the biggest jump since November 10, 2022. The majority of these gains occurred during U.S. trading hours, as better-than-expected jobless claims data and a decrease in the fear index (VIX) provided positive signals for risk assets, including cryptocurrencies. Additionally, the Bank of Japan’s decision to push back against near-term rate hikes caused the anti-risk Japanese yen to stall.

Investor interest in cryptocurrencies also appears to be on the rise, with U.S.-listed spot exchange-traded funds (ETFs) receiving $194.6 million in investments, the highest since July 2022. BlackRock’s IBIT alone drew in $157.6 million in investments.

The recent market volatility can be attributed to the Bank of Japan’s decision to raise interest rates, which triggered a sell-off in the yen carry trades and raised concerns about the U.S. economy. This led to a significant drop in BTC prices on Monday, with the cryptocurrency dipping to $50,000 at one point, after reaching a high of $70,000 just a week prior.

According to blockchain analytics firm Santiment, large BTC holders took advantage of Monday’s price crash to accumulate more cryptocurrency. “August 5th and 6th saw the highest level of Bitcoin whale transactions since the first week of April. According to the total holdings of wallets with 10 to 1,000 BTC, they rapidly accumulated on the price dip that saw crypto’s top asset fall below $50K,” Santiment said on X.

Looking ahead, analysts believe that $61,800 is a crucial level for BTC, with a close above this level potentially leading to a rally towards $67,000. However, a retreat from this level could result in a return to the sustained lows of July and August near $55,500. According to senior market analyst at FxPro, Alex Kuptsikevich, this level marks the confluence of the 50- and 200-day simple moving averages.

Investment Advisor Two Prime also remains bullish on BTC as long as prices hold above $54,000, with geopolitical issues and the Fed’s policy playing a significant role in the next major price movements. “We continue to watch $54K as a major support area, followed by $50K. So far, these levels remain intact, and there has been persistent demand each time bitcoin has reached this area,” Two Prime said in a Telegram note to clients. “Now we wait to see if the Israel/Iran conflict escalates and whether or not the U.S. government will step in to curtail risks in both the global economy and the crypto market.” 

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