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Bitcoin: What Does this Spectacular Recovery Reveal?

Market Musing-g

Bitcoin: What Does this Spectacular Recovery Reveal?

By Cointribune EN

8 months ago

•

2 mins read

Bitcoin: What Does this Spectacular Recovery Reveal?

Table of Contents

Bitcoin: A Spectacular Rise After a Historic Low!
Bitvavo at the Heart of Crypto News

On August 13, 2023, Bitvavo published a detailed analysis of the current crypto market situation, highlighting the recent fluctuations of Bitcoin. After a week marked by widespread panic, Bitcoin showed impressive resilience, recording a quick recovery after a sharp price drop.

Bitcoin: A Spectacular Rise After a Historic Low!

According to Bitvavo, Bitcoin hit a low of €45,000 before bouncing back by 25% in just three days, reaching €56,000. This strong recovery places Bitcoin in a corrective pattern that has persisted for five months. The BTC price peaked five times, currently around €64,500, and briefly plunged well below this level during the recent drop. This low of €45,000 is almost equivalent to the peak reached during the launch of Bitcoin ETFs in January of this year.

Bitvavo points out that Bitcoin also touched the 50-week moving average, a long-term indicator that has historically served as the initial demarcation line between bull and bear markets. Despite the tensions of the past few days, the strong recovery has kept the market afloat.

Meanwhile, Bitvavo observed a historic decrease in the number of bitcoins held on exchange platforms, according to data from the analytics company. This trend could indicate increased confidence among long-term investors, preferring to hold their assets rather than trade them frequently.

€20 bonus for registering on Bitvavo This link uses an affiliate program.

Bitvavo at the Heart of Crypto News

Bitvavo, as a crypto exchange platform, plays a crucial role in providing analyses and regular market updates. Their commitment to transparency and security, notably with the adoption of Nasdaq market surveillance to enhance the integrity of their digital asset exchange, strengthens their leadership position in the industry.

Bitvavo’s analysis highlights Bitcoin’s resilience in the face of market turbulence. The quick rebound after a significant drop demonstrates the robustness of this crypto and continued investor confidence. While the crypto market remains volatile, Bitvavo’s analyses and updates offer valuable perspectives for navigating this constantly evolving environment.

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