Traders are actively raising the price of bitcoin, trying to regain positions lost on Sunday-Monday amid investor support.
At the time of publication, the BTC rate fluctuates around the $ 38.2 thousand mark with a daily increase of 13.8%. After successfully overcoming the resistance at the level of $ 35K, a quick recovery began, showing a serious bullish mood. On the hourly chart, the price is above the 10-hour and 50-hour moving averages, indicating a strong bullish trend.
Analysts associate the current increase with the interest of institutional investors in the market, who actively bought bitcoin during the period of the fall from $ 41 to $ 30 thousand. This did not allow the collapse to drag on and allowed the BTC to quickly recover from the drawdown. At the same time, experts are not sure of long-term growth, since after the excitement of recent weeks, the further market behavior cannot be accurately predicted..
Most traders have taken a wait-and-see attitude and are closely monitoring the dynamics, since they do not exclude the possibility of a larger rollback up to $ 23 thousand.. This is indicated by low current trading volumes..
At the same time, representatives of Bakkt Holdings are confident in the long-term growth of the crypto market and an increase in its capitalization to $ 3 trillion.
Bitcoin rises above 38k as market tries to regain lost ground
text: Ivan Malichenko, photo: Shutterstock, chart: TradingView