A perfect week, one that saw the market recover to an extent, came to an abrupt halt when Bitcoin dropped by $350 over the last 24-hours. Riding high on the charts,
The attached analysis clearly highlights the 3.42 percent pullback registered over the last 24-hours. However, from the same analysis, it can also be observed that BTC managed to salvage the situation after registering a spike off the 50-Moving Average, at press time. At the time of writing, Bitcoin was valued at $10,474, a development that supports the argument that despite yesterday’s collapse, recovery remained on course.
Bitcoin’s quick ascendency towards $10.5k was possibly driven by sufficient demand from retail investors on exchanges. As miners continued to dump Bitcoin on exchanges, it is quite likely that the traders were able to absorb the short-term selling pressure on the retail side, hence accounting for a quick turnaround for Bitcoin.
At press time, Bitcoin was heading towards the re-test at $10,500, but further corrections cannot be dismissed. While the world’s largest digital asset has just survived another bearish reversal, it continues to tread thin ice.