The price of Bitcoin skyrocketed past $64,000, breaking through its short-term average, driven by optimistic views from traders and the broader market. Bitcoin's value exceeded $64,000 and experienced a minor correction, sparking a bullish trend following the market's overall recovery. Recent liquidations in the cryptocurrency market preceded the significant gains observed by Bitcoin in the past 24 hours.

A recent report from CryptoQuant, an on-chain analytics company, revealed that Bitcoin rebounded from its short-term average price, which had been stagnant due to low trading activity. The asset's short-term average price, previously at $58,500, surged above this level due to fresh capital inflows. This average price is calculated over the past 155 days by dividing the price by the total coin supply.

The concept of the 'Average short-term realized price' plays a crucial role in determining Bitcoin's support and resistance levels amidst various macroeconomic and industry influences. Over the last five days, Bitcoin's price has fluctuated around this average, indicating new support levels alongside its current price levels. Analysts at CryptoQuant emphasized that whenever Bitcoin breaks through support or resistance levels around the average, it tends to exhibit heightened price volatility, with the current STH realized price standing at $58,500.

In a broader context, Bitcoin's price surge to $63,496, marking a 3.11% increase, has rejuvenated weekly capital inflows into the asset, reflecting a positive market sentiment. This upward momentum in Bitcoin is not occurring in isolation, as other cryptocurrencies like Ethereum (ETH), Solana (SOL), Cardano (ADA), and Ripple (XRP) have also witnessed gains, with meme coins outperforming the market. The overall crypto market is experiencing a wave of positive movements, indicating a collective uptrend in various digital assets.