Bitcoin rises above 38k as market tries to regain lost ground

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..

Bitcoin rises above 38k as market tries to regain lost ground

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

Bitcoin rises above 38k as market tries to regain lost ground

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