Leading cryptocurrency Bitcoinreached the long-awaited $69,000 on March 5, but could not hold on there.
BTC It experienced a correction of up to $59,000 due to the strong selling pressure it encountered. While this correction was considered to be a profit taking, the correction did not last long and it recovered again.
Evaluating this sudden decline and recovery in Bitcoin Swissblock analysts said that BTC’s rapid recovery from $59,000 to $67,000 could herald a new rally approaching all-time highs.
Analysts speaking to Coindesk stated that Bitcoin’s recent movements are a V recovery.
“Bitcoin reached $69,000 before quickly falling to $59,000. However, it recovered quickly afterwards.
At this point, BTC dropped sharply but successfully retested the $59,000-62,000 price area and began to consolidate before rising to a new all-time high.
Bitcoin experienced a V recovery during this period. “Bitcoin’s rapid return above the $62,000 level marked the beginning of a new uptrend targeting the $76,000 price level.”
Apart from Swissblock analysts, Singapore-based cryptocurrency company QCP Capital analysts also said that they predicted a rise for Bitcoin in the near future.
QCP Capital analysts note “Bitcoin’s recovery has been extremely impressive. The dip was bought very quickly and aggressively and $60,000 proved to be a good support level. “Also with the removal of some leverage, a path has been opened to higher levels and we expect a break higher in the short term as the uptrend continues immediately.” they said.
Bitcoin At the time of writing, it continues to be traded at $66,707.
*This is not investment advice.
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