Bitcoin (BTC) has staged a bullish recovery from daily lows of $18,074, rising 4% to trade at around $18,800. The move higher comes amid fresh optimism over Bitcoin’s ability to recover after an ugly period marked by several steep declines and a lack of volatility.
Bitcoin price today has recovered from a low of $18,074 and is now trading at $19,000.
The recent fall in the bitcoin price was due to the fact that South Korea’s largest cryptocurrency exchange Bithumb was hacked and suffered losses in excess of $30 million. The hack resulted in a considerable decline in the bitcoin price.
However, crypto market analysts believe that this downward trend will not continue because they are still bullish on Bitcoin’s future prospects. In addition to this, there have been reports that Russia may legalize cryptocurrencies such as bitcoin within two years.
Bitcoin Eyes New High
Bitcoin (BTC) bullish price action has left crypto analysts looking for the next levels of resistance to track.
Bitcoin’s (BTC) bullish rally from the daily low of $6,200 is expected to continue, according to the technical charts. The leading cryptocurrency could be set for more gains against both fiat currencies and most other cryptocurrencies as it looks to test key resistance levels in its path towards $20,000.
The last time BTC fell below the psychological support level of $6,000 was on Feb. 6 when it briefly dropped to $5,980 before recovering sharply above $7,000 within hours. BTC has since then been on a steady uptrend but has now spent over three weeks trading within an increasingly narrow range between $11,800-$12,000. This period has seen BTC break out from a falling wedge pattern with volume showing increasing demand at lower prices as each new lower high is met with increased buying volume as well as increased volatility around these levels.