Bitcoin (BTC) and the broader cryptocurrency market are showing renewed strength, gaining over 3% following China’s announcement of economic stimulus measures. The BTC price is currently trading at $62,700, up 3.16%, with a market capitalization of $1.239 trillion. China’s decision to raise its debt ceiling and inject more liquidity into the market has provided a boost to crypto assets.

The Bitcoin price has made a strong recovery after dipping below $60,000 earlier this week amid rising US inflation data. Despite recent volatility, Bitcoin whales have continued to accumulate BTC at every opportunity. Since March, whales have added 1.5 million Bitcoins to their holdings, representing nearly 7% of the total circulating supply. Meanwhile, Bitcoin ETFs have accumulated over 5% of the total supply, indicating robust institutional demand.

Major players like BlackRock and Metaplanet have been steadily accumulating BTC over recent weeks, despite market fluctuations. Alongside Bitcoin’s gains, altcoins are also rebounding, with Ethereum (ETH) up 1.65% and coins like BNB, Solana (SOL), and Dogecoin (DOGE) posting 3% increases.

As global monetary supply (M2) continues to expand, some analysts predict Bitcoin could reach at least $90,000 by year-end. However, October has so far been relatively quiet for BTC investors, with little sign of the anticipated ‘Uptober’ rally materializing yet.

China’s latest economic measures include plans to increase government debt issuance substantially, offer subsidies to low-income individuals, and support the property market. While the exact size of the fiscal stimulus package wasn’t disclosed, previous reports suggested China was considering an additional $283 billion in economic support.

These fiscal measures have attracted significant attention in global financial markets, particularly following a September meeting of the Communist Party’s Politburo that highlighted growing concerns over China’s economic challenges. Chinese stocks initially surged to two-year highs on the news but have since pulled back as investors await more concrete details on the government’s spending plans.