Bitcoin Slowly Rebounds After Big Blow
It is still too early to talk about a new trend. But today was dominated by a slight recovery.
What a gigantic blow Bitcoin has taken. Altcoins took the biggest blows, but Bitcoin could not survive either. There has also been a lot of pain in the stock market in recent months. Investors have seen large parts of their portfolio evaporate in recent months. Whether you are in stocks or in cryptocurrency, or both of course.
The absolute low point came this morning. While you were probably having your first or second cup of coffee, a rate of about $25,400 was reached on Coindesk. Since then, the world’s most famous cryptocurrency has been slowly recovering.
It’s way too early to say that 25,400 was the bottom. If the upward climb is broken, the price will go down again, it’s as simple as that. And then with too little resistance, that $ 25,000 can be pushed through, with an even deeper trough in prospect.
From this morning’s low, Bitcoin has climbed more than 16 percent. However, the drop was a much bigger blow than that, so the damage done hasn’t been made up yet. Bitcoin has fallen more than 20 percent in the past seven days at the time of writing.
Bitcoin is now at over $29,000. And thus still in a psychological danger zone. Only towards the 40,000 dollar you can be somewhat optimistic again. For now, it’s squeezing the butt.
