Bitcoin Price Analysis After Breaking $62,000, Bullish?
2024-08-10
Bittime - After Crypto Black Monday, Bitcoin quickly recovered to $62,000. Meanwhile Morgan Stanley is starting to encourage Bitcoin investment via ETFs. Read in full!
Bitcoin Price Analysis Experiences Increase
Not long after Crypto Black Monday, Bitcoin has risen back to $62,000 in just a few days. Traders noticed an upward pattern on the seven-day price chart, indicating that Bitcoin may have bottomed out.
In an analysis video released on August 8, crypto trader Matthew Hyland stated, “Bitcoin saw a big green weekly candle with a big wick.”
Bitcoin Price Reaches More than $62,000
Earlier on August 8, Bitcoin (BTC) briefly touched $62,510, but then fell back to $61,068 at the time of this publication. The asset is up 12.46% since Aug. 7, according to CoinMarketCap data.
Read Also: What a relief! Bitcoin Prices Rise Again, See Crypto Academy Analysis
Bitcoin's First Drop Below $50,000
Bitcoin's rapid rebound comes just days after Crypto Black Monday Bitcoin's first drop below $50,000 since last February to a price of $49,751. Some traders argue that the rapid price reversal indicating a recent price drop may be a scam.
Morgan Stanley Suggests Buy Bitcoin
CoinGlass data shows 52.48% long positions and 47.52% short positions. This comes just a day after the largest wealth manager in the US, Morgan Stanley, authorized its 15,000 financial advisors to start advising clients to buy Bitcoin exchange-traded funds (ETFs).
Conclusion
After experiencing a drastic drop on Crypto Black Monday, Bitcoin quickly recovered by surging above $62,000 in no time. Traders who see prices rise every week are more optimistic.
Crypto trader Matthew Hyland, observing the weekly green candle with a large wick, supports the idea that Bitcoin may have bottomed.
Additionally, the push by major financial institutions such as Morgan Stanley to encourage investment in Bitcoin via ETFs has increased positive sentiment in the market.
How to Buy Crypto on Bittime
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime.
Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
