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

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 with some caution. They’re known as liquidity voids and price often, though not always, comes back…