The reason Bitcoin price rose to $63,000 today

Bitcoin price exploded above $63,000 today, hitting a local high around $63,400. Although it has since bounced back to where it currently trades at $62,700, that’s still a sizeable 4% increase over the past 24 hours.

Source: TradingView

It is also important to note that Bitcoin has managed to outperform the rest of the major cryptocurrencies, which are posting marginal gains.

So what are the reasons for this recovery? What could be driving the price of BTC higher in the last few days?

Well, the first reason could be the fact that Mt. Gox has pushed its refund deadline to October 31, 2025. Previously, that deadline was October 31, 2024. According to the official notice:

Because it is desirable to make repayments to these rehabilitation creditors to the extent reasonably possible, the rehabilitation trustee, with the permission of the court, has changed the deadline for repayments to October 31, 2024 (CST Japan) to October 31, 2025 (Japan Standard Time).

This is noteworthy because it relieves immediate selling pressure on BTC.

Another reason could be that China has officially unveiled a fiscal stimulus package aimed at reviving the economy. The package targets low-income households while supporting housing markets and recapitalizing state-owned banks.

Although it was officially announced a few hours ago, it was a much-anticipated development that the markets had been waiting for for the past few days.

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