Bitcoin returned above $38,000 on Feb. 4 after falling nearly 6% on Feb. 2, according to the TradingView K-chart. The selling pressure on bitcoin has abated, reaching an intraday high of $38,234 on Feb. 4 after a rally the day before.

Trading View BTC/USD daily chart, source: TradingView

The first and largest cryptocurrency to change hands at $38,005 is up 2.22% at the time of writing, according to CoinMarketCap. In the broader cryptocurrency market, most alternative cryptocurrencies (cottage coins) are trading in the green at the time of writing. The largest cryptocurrency, Ether, is trading at over $2,831, up 5.87%. According to CoinMarketCap, most cryptocurrencies have gained between 3% and 8% in the last 24 hours.

Who is this buying bitcoin

The Cryptocurrency Fear and Greed Index, a measure of market sentiment, remains at "extreme fear," indicating that traders are still fearful.

The speculation in the #crypto market has subsided.

The number of $BTC traders with addresses less than 1 month old has decreased by 32.07% since December 28th.

IntoTheBlock analysis notes that the number of BTC traders/addresses holding for less than a month has fallen by 32.07% since December 28, and short-term speculation appears to have disappeared from the market. It notes that buying pressure is now coming from medium-term – as well as long-term holders with recent price increases.

Markets were quiet early Friday morning as investors awaited the release of key U.S. jobs data that could influence the Fed's aggressive monetary policy stance. Last month, the Fed hinted at its first rise in more than three years.

The yield on the benchmark 10-year Treasury spiked to 1.838%, indicating that Treasury yields are rising. The 30-year Treasury rate also rose to 2.157%.

The European Central Bank has indicated that interest rates will remain unchanged and acknowledged that inflation may last longer than initially expected. Meanwhile, the Bank of England has risen for the first time since 2004 and initiated a process of quantitative tightening.