Today, Bitcoin (BTC) rebounded strongly towards the $ 53,000 level after falling to as low as $ 47,000 yesterday, April 25th.
On April 14th, Bitcoin reached a new record high of $ 64,895, driven by the publicity and excitement of the direct listing of Coinbase.
But since bitcoin hit its highest at $ 64,800, the currency’s price has been falling.
Bitcoin bulls have actively defended their 100-day exponential moving average support level in recent days.
But with the decline in the price of gold also, the sudden closure of the two cryptocurrency exchange platforms in Turkey and the tax proposal from “Biden”, all of which have contributed to causing people’s panic that the cryptocurrency sector is a bubble, which caused the price of Bitcoin to drop to its lowest level in seven weeks. .
At the time of writing this article, Bitcoin is up over 7.34% and is trading at $ 53,410.
According to the RSI, Bitcoin’s daily RSI touched the oversold region of 30 mark for the first time this year.
Michael Sikorsky, CEO and Founder of Copia Wealth Studios, stated in a report released on Friday:
Volatility has always created opportunity, and people are still surprised by new highs month after month, year after year.
A sharp rebound in a bull market may not be a threat, but it is an opportunity to buy on dips.
According to “Glassnode” data, given the rapidly rising market, the size of the short liquidation of Bitcoin futures reached $ 88,696,765 in early Asian trade Monday morning.
Despite the major correction, Bitcoin’s year-to-date yield is still impressive.
So far, Bitcoin has maintained an increase of nearly 80% year-to-date, with the coin rising from $ 28,999 in January to $ 53,200.
The great returns achieved by Bitcoin over the past years have made institutional investors accept Bitcoin more with the apparent increase in interest in cryptocurrencies.