The cryptocurrency market continued its upward trend on Thursday, with Bitcoin (BTC) nearing the $60,000 mark for the first time since last weekend’s significant price drop. The broad-based rally saw Ether (ETH), Solana (SOL), and Near (NEAR) gaining 8-10% in value.

Bitcoin and Ether Prices Surge

Bitcoin advanced 6.4% over the past 24 hours, currently trading at $59,500. Ether topped $2,600, up 8.8% during the same period, ending its losing streak against BTC. The CoinDesk 20 Index, a broad-market benchmark, also recorded similar gains, with altcoin majors such as Avalanche (AVAX) and Filecoin (FIL) rising nearly 10%.

Favorable Developments Boost Crypto Prices

Market observers attributed the rally to two positive developments. Firstly, a U.S. judge approved a plan for FTX and its sister trading firm Alameda Research to pay out $12.7 billion to creditors. This move is expected to inject liquidity into the crypto market as former users reinvest their proceeds in digital assets.

Secondly, Russian President Vladimir Putin signed a bill legalizing crypto mining in Russia. According to Ki Young Ju, CEO of crypto analytics firm CryptoQuant, “Russia seems to be acting to keep up with the US. Nation-level bitcoin FOMO (fear of missing out) is heating up.” This move is expected to boost the hashrate, strengthen network fundamentals, and diversify miner politics.

Technical Analysis: A Bullish Trend Reversal?

With Thursday’s gain, Bitcoin has completely reversed its weekly candle, which had dropped to as low as $49,000 early Monday. If BTC maintains its current price level until Sunday’s weekly close, it would form a hammer candlestick, a bullish chart pattern in technical analysis that often appears at the bottom of downtrends, hinting at a trend reversal.

While it’s too early to confirm a trend reversal, the current price action is undoubtedly a positive sign for the crypto market.