The bottom of the dip appears to have been reached as Bitcoin is busy recovering.
For several weeks, the price of Bitcoin has been falling quite sharply. The cryptocurrency started at $57,000 and then rocketed. The low was reached around May 23, with a price value of $33,000.
For now, this indeed seems to be the low point. Since standing on that dip, a way has been found again. Not in a straight line, by the way, but with some fits and starts. On May 31, for example, a decrease from 36,000 to 34,000 dollars followed. After that you will see some of the smaller corrections in the line.
A sharp rise has been going on since this morning. That paints an interesting picture. We see Bitcoin making a strong upward move from around $ 37,500 in the form of recovery. At the time of writing, the cryptocurrency’s price is at $38,700. An increase of five percent in 24 hours.
The way up is long and not easy to find. If the trend continues, some corrections may follow. Don’t hold yourself to the fact that the bottom has really been reached, but if you look at the price that way, it looks like it.