Bitcoin price is making a remarkable comeback after falling to six-month lows of $28,800 on June 22. TradingView data showed BTC/USD reaching intraday highs of $35,295 on Thursday, marking the third consecutive day in green after the significant declines since the prior week.
Not only Bitcoin, the Altcoin market has picked up significantly with tokens such as Dogecoin (DOGE, +13%), XRP (+9.88%), BitTorrent (BTT, +14.98%), Celo (CELO, +26.46%), Hedera Hashgraph (HBAR, + 8.94%), TRON (TRX, +22.09%), Klaytn (KLAY, +15.89%), THORChain (RUNE, +20.16%) posting impressive recovery moves.
In the worst part of the market declines, Dogecoin (DOGE) lost nearly 42% of its value in a single day, hitting lows of $0.16 before starting recovery to around $0.26. Similarly, the 7th largest cryptocurrency, XRP recorded the largest two-day decline since the start of the SEC Lawsuit. XRP had declined to lows of $0.47 before embarking on a relief rally to highs of $0.69.
BitTorrent’s price had taken a further downturn to lows of $0.0026 on June 21. At the time of writing, BTT recovered to trade at $0.0026. Celo, a payments platform using a proof-of-stake blockchain built on Ethereum and designed to support Stablecoins and tokenized assets, using cellphone numbers to secure users’ public keys rallied by nearly 38% on June 24 following a bullish news development.
On June 24, Crypto bank Anchorage Digital stated it was adding custody for the Celo Euro (cEUR), one of two Stablecoins available on the Celo network. Hedera Hashgraph, HBAR’s downside move on June 21 to lows of $0.13 was followed up by two green daily candles. As of press time, HBAR was trading at $0.189.
Cryptoanalyst, Rekt Capital noted that ”BTC’s fantastic recovery over the past few days means that its current weekly candle is slowly starting to resemble a Dragonfly Doji…”
”A bullish trend reversal candlestick” he stated.
This falls in line as Cryptoquant stated on June 23 that the Bitcoin Puell Multiple indicators had ticked readings at 0.68 which previously served as areas of price stability/recovery.
Courtesy: CryptoQuantIt further stated that Low Puell Multiple values indicate Miner profitability is low compared to yearly averages. This means some Miners will reduce hash power, the difficulty will reduce allowing further decentralization, and less sell pressure/impact on liquid supply from Miners.
Conclusively stating ”This may indicate we have reached a bottom for this consolidation and are on the path to recovery.”
However for Bitcoin’s recovery to take shape, analytics service Whalemap highlighted $37,000 as a significant resistance hurdle for Bitcoin to subdue. With resistance still pressuring a fuller recovery, caution remains the watchword among market participants.
Cryptoquant CEO, Ki-Young Ju had earlier stated on June 21 that Bitcoin may be in a bear market “I hate to say this, but it seems like the BTC bear market confirmed. Too many whales are sending BTC to exchanges.”
He further stated that “To be clear, I expect my BTC bearish bias won’t last long (maybe just a few weeks) because the market looks good in terms of supply/demand in the long term (e.g., Stablecoins ratio (USD) and SSR) So don’t get me wrong, I’m not saying it’s over.”
Bitcoin’s influence wades over the rest of the market, maybe Altcoins will decouple from this trend in the near term remains yet to be seen.
Image Credit: CryptoQuant, Shutterstock
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