Bitcoin’s Price Recovery to $7,800 Might Indicate Short-Term Rally
Over the past 24 hours, the bitcoin price has risen from $7,300 to $7,600, raising hopes that the bitcoin price could further increase. If the price can hit the $7,500 region, it could indicate a short-term rally for bitcoin but a decline less than the $7,500 region might drive the price back to the $7,300 region, making it possible for it to hit $6,000 once again.
Presently, the movement of bitcoin price and speculations of analysts are uncertain as a result of the low volume of bitcoin. Although bitocin has avoided a further decline to the $6,000 mark as it recovered from $7,300 to $7,600, the volume is still as it was yesterday. While the valuation of the cryptocurrency marker has increased, the market continues to remain the same.
The bitcoin price going above the $7,800 region could get rid of the declining one-month trend going from May 5 to June 5, confirming a possible rally for bitcoin in both the short to mid-term. The positive rally of bitcoin from the $7,040 has come to a stop at $7,500, however, according to the daily candle chart of bitcoin, and looking at the stability of bitcoin in the last week, it’s likely that bitcoin increases its pace in the coming day and hits the $8,000 region.
Bitcoin ended a declining trend from March 20 with an impressive increase in volume and price. In a period of 5 days, the price of bitcoin rose from $7,800 to $9,200. Yet, with 15 days, the price of bitcoin declined from $9,200 to $6,500, though the corrective rally was driven with strong volume.
According to reports, Susquehanna International Group has started to operate bitcoin trades.
“We believe that this technology and this asset class is going to change some facet of financial services, and we think it is going to exist forever,” Bart Smith, the head of digital assets at Susquehanna, noted.