Bitcoin is rebounding strongly after hitting its lowest level in 7 weeks
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Answer Bitcoin is rebounding strongly after hitting its lowest level in 7 weeks
Today, Bitcoin (BTC) rebounded and rebounded strongly towards the $53,000 level after dropping to a low of around $47,000 yesterday, April 25th.
On April 14, Bitcoin hit a new record high of $64,895, driven by the publicity and excitement of Coinbase’s direct listing.
However, since Bitcoin touched a high of $64,800, the price of the coin has been on the decline.
Bitcoin bulls have been actively defending the support level of the 100-day exponential moving average in recent days.
But with the gold price also dropping, the sudden closure of two cryptocurrency exchanges in Turkey, and Biden’s tax proposal, all contributed to panicking people that the crypto sector is a bubble, causing the price of Bitcoin to drop to its lowest level in seven weeks. .
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At the time of writing this article, Bitcoin is up over 7.34% and is trading at $53,410.
According to the RSI, Bitcoin’s daily RSI touched the oversold 30 mark for the first time this year.
In a report released on Friday, Michael Sikorsky, CEO and founder of Copia Wealth Studios, said:
Volatility has always created opportunity, and people are still surprised by new highs month after month and year after year.
A sharp rebound in a bull market may not present a threat, but it is an opportunity to buy on dips.
According to Glassnode data due to the rapidly rising market, the short liquidation volume of Bitcoin futures reached $88,696,765 in early Asian trading on Monday morning.
Despite the significant correction, Bitcoin’s year-over-year yield to date remains impressive.
So far, Bitcoin has maintained a nearly 80% YTD increase, with the coin rising from $28,999 in January to $53,200.
The significant returns that Bitcoin has achieved over the past years have made institutional investors more accepting of Bitcoin with an apparent increase in interest in cryptocurrencies.
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