After Bitcoin’s 13% recovery over the last several days, many may be thinking that this is just a relief rally. Nevertheless, it can be argued that this is just the normal ebb and flow of the market, and that Bitcoin’s recovery is now on track. Higher prices may be on the horizon.
Bitcoin simply just overbought
The signs are that Bitcoin has turned the corner, and that the local bottom of $53,600 was probably definitive. Major selling seems to have tailed off, and even though $BTC is down 2.4% on Tuesday, this is just a normal small pull-back after a decent 20% recovery from that local bottom.
Some analysts are blaming the moving of large sums of Bitcoin between Mt. Gox wallets for Tuesday’s downturn, but in reality, the market already knows all about this, and probably the main reason for the pull-back is that Bitcoin was simply just overbought.
Can $63,000 become support?
Source: TradingView
Viewing the $BTC price on the 12-hour time frame, it can be observed that
We współpracy z: https://cryptodaily.co.uk/2024/07/bitcoin-btc-pull-back-is-normal-recovery-still-on-track
