Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, rose by about 10% to $22,314 last week, according to CoinMarketCap data. Bitcoin (BTC) was up 6% on the day on Thursday. At the time of this news, Bitcoin (BTC) price was around $21.38. Similarly, Ethereum (ETH) has also climbed as high as $1262, up a notable 19% in the last seven-day period. At the time of this news, Ethereum (ETH) price was $1,204.

Looking at the rest of the cryptocurrency market, it seems like Solana (SOL) is up 4%, Polkadot (DOT) 5%, Cardano (ADA) around 3% and Dogecoin (DOGE) 3% followed the minor rally in the last 24 hours.

Analysts think that Bitcoin (BTC) is moving with the NASDAQ, which has increased by 5% in the last five days. Also, this minor rally in recent sales, where bankrupt firms like Three Arrows Capital created a "local bottom", may also have contributed.

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Analysts point out that these forced sales that came with the bankruptcy of 3AC certainly contributed to creating a bottom that caused the price to rise. However, forced sales in the Bitcoin (BTC) mining industry continue to affect the cryptocurrency market.

According to analysts, the difficulties experienced by miners and forced sales may be over. If so, the price may be stabilized at $20,000 for a while. It was revealed that Core Scientific, a major crypto mining firm, sold most of its Bitcoin (BTC) holdings in June due to the steep decline in the crypto market.

The crypto winter continues fiercely. Some cryptocurrencies such as Terra (LUNA) were reset, some companies went bankrupt or on the verge of bankruptcy, liquidity shortages began to be experienced in large exchanges, crypto companies started layoffs. In addition to all these negativities, economic uncertainties continue on a macro scale.