Bitcoin had dipped to below the $6,000 mark earlier this week and many analysts and traders watched intently to see if it would continue downward or rebound. Since then BTC has recovered to surpass the $6,000 mark, but skepticism remains high.
It didn’t help that some financers and investors were expecting the cryptocurrency to fail over time. It leaves one to wonder if the speculators are sending messages out to influence the market to collapse. However, whatever may be the intent, Bitcoin continued to rally on despite the doubters regarding its performance.
Michaël van de Poppe, analyst of Cointelegraph Market, still wasn’t persuaded there wasn’t a bearish trend and tweeted this statement:
The first level for support held and we’ve pushed upwards. There’s also the CME Gap, probably the reason why we’re moving, so that could be closed first.
Cointelegraph gave their own report and said:
Bitcoin has very often returned to trade at levels left behind by futures markets — before its price volatility surged in mid-March, just one gap remained, much higher at $11,800.
It still remains to see what will be the outcome of BTC, which has recovered numerous times from its many plunges. The market continues to fluctuate and the only ones who can really decide what the market does are its trading investors ultimately.
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