Bitcoin's price has surged over 6% in just a few hours, reclaiming the $28,500 level despite concerns about the CFTC lawsuit against Binance. This sparked a broader recovery in the crypto market, with XRP leading the way with an 18% increase, followed by Cardano, Ethereum, Polygon, and Solana.
On-chain analysis suggests that whale accumulation in derivatives exchanges triggered the market's recovery, despite the FUD around Binance. This has caused volatility in the crypto market to increase, but traders are optimistic about upside momentum as the thick ask liquidity is between $28K and $30K.