RATE Group | Bitcoin Price Rebounds From $7,040 to $7,450 but Bulls Yet to Turn Up
28677
post-template-default,single,single-post,postid-28677,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Rebounds From $7,040 to $7,450 but Bulls Yet to Turn Up

29 May Bitcoin Price Rebounds From $7,040 to $7,450 but Bulls Yet to Turn Up

Posted at 15:17h in Bitcoin News by

[ad_1]

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month.

Earlier today, on May 29, the bitcoin price dropped to $7,040, to its new monthly low. Since then, BTC has recovered to $7,450, but regardless of the newly formed optimism in the market, it is still too early to conclude the start of a new bull market.

Weak Volume

As CCN reported throughout late May, analysts expect the bitcoin price to fall below the $7,000 mark in the near future before rebounding to its mid-term support levels at $10,000 and $12,000. On May 29, BTC came close to reaching below the $7,000 mark as it dropped to $7,040.

Over the past few hours, BTC rebounded relatively quickly from $7,050 to $7,450, but its short-term corrective rally is not convincing enough based on its volume and price trend to conclude that a new bull rally is forming.

One respected bitcoin technical analyst wrote:

“Recent price action has taught us that these thin, fast moves up should be treated…

[ad_2]

Article Source

Tags:
, , , , , ,