3 reasons Bitcoin price is quickly recovering from its 'severe' 23% correction
Bitcoin recovered quickly from $44,800 to over $50,000 in under 22 hours and here are three key reasons why. The price of Bitcoin (BTC) quickly recovered from around $44,800 to over $50,000 within merely 22 hours. Behind the rapid recovery are three major factors, including low funding rates, Square's $170 million Bitcoin purchase, and the spot market stabilizing.Bitcoin futures funding rates substantially dropAcross major futures exchanges, including Binance, Bybit and Bitfinex, the funding rate of Bitcoin has dropped to 0.01%.The Bitcoin futures funding rate was consistently above 0.1%....
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Here's what we are focusing on for this morning's session out of Europe in the bitcoin price. Yesterday evening, we published the second of our twice-daily bitcoin price analyses. Our primary concern in the piece, was that bitcoin had gained so much throughout the day, but that as a result, expected a pretty wide scale correction on these gains. The only problem was that we did not know when this correction would come, or how severe it might be. As markets booked profits on the speculative portion of the volume, a domino effect could quickly take hold. Of course, the sustained upside....
Ethereum started a downside correction and traded below $1,600 against the US Dollar. ETH price found support near $1,487 and it is currently recovering losses. Ethereum started a downside correction below the $1,650 and $1,600 levels. The price is now trading below $1,650 and the 100 hourly simple moving average. There is a key bearish […]
Bitcoin is recovering, and traders are pinpointing $57,000 and $60,300 as the key short-term price levels to watch. The price of Bitcoin (BTC) is recovering after a strong sell-off during the weekend caused by cascading liquidations in the futures market.BTC/USDT 15-minute price chart (Binance). Source: TradingView.comTraders are pinpointing three levels as the critical price areas to watch in the short term: $51,200 as the major support, $60,300 as the important resistance, and $57,000 as the near term area of interest for sellers.It is critical for Bitcoin to reclaim $57,000Although the....
We warned in our last column on Bitcoin that the correction had not yet ended. I suggested that there was likely several more days of pain coming for the bulls. The reasons were many, but one of them was that the rise had simply been too steep and too long without a meaningful correction for it to be over in just a day or two. Well, the bottom fell out yesterday. Is that the end of it, or is there more to come? Here we see that the present fall is testing the 4th arc pair for support at 766. Price is also at the same level as a recent swing high. That support could hold, but I am not....
Bitcoin price declined over 25% and it even traded close to $30,000 against the US Dollar. BTC started a fresh increase, but it is facing a strong resistance near $35,800 and $36,000. Bitcoin started a downside correction below the $35,000 and $32,000 support levels. The price is now recovering from $30,400, but it is well […]