Beyond the recent Bitcoin price recovery, and even as BTC price action attempts to stabilize as traders warn of a possible return below Bitcoin's buy support at USD 60,000.
According to information socialized by William Suberg, “Bitcoin tried to retest range highs at the Wall Street open on July 16, as the market discounted Mt. Gox's BTC moves.”
Now, “Even with an overall drop of about 1% from the daily open, the BTC/USD pair showed resilience in the face of billions of dollars in bitcoin leaving the cold wallet linked to the defunct Mt. Gox exchange”
Wrote Credible Crypto in part of a post on X, “I can see an argument for both scenarios at this point: that the 58k LTF momentum may be our bottom or that this was just a diversion/fakeout to gather some momentum to take out our lows.”
Finally and in the words of Daan Crypto Trades, “So far, we have seen a solid disbelief rally where yes, there is some euphoria from those who are allocated, but also a lot of short contractions and confused reactions from those who were not expecting such a quick move”
SOURCES CONSULTED
Cointelegraph. Bitcoin eyes Mt. Gox recovery amid warning over BTC price dip to $58K. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
