RATE Group | Bitcoin Rebounds From Market’s Worst Day in 5 Months; Big Relief Rally Ahead?
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Bitcoin Rebounds From Market’s Worst Day in 5 Months; Big Relief Rally Ahead?

10 Mar Bitcoin Rebounds From Market’s Worst Day in 5 Months; Big Relief Rally Ahead?

Posted at 12:47h in Bitcoin News by

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Bitcoin bounced after Sunday’s steep declines, which had seen the cryptocurrency logging its worst daily performance since September 2019.

The bitcoin-to-dollar exchange rate on Tuesday jumped 2.21 percent to establish a new intraday high at circa $8,094. The pair’s rebound, which appeared almost like a “dead cat bounce,” raised hopes for extended bull trend, with prominent derivative trader Tyler D Coates citing a historical support trendline for helping bitcoin turnaround.

“Bitcoin is testing the adoption curve trendline for the seventh time since 2013,” tweeted Coates with a chart illustrating the downside rejection.

bitcoin, cryptocurrency, crypto

Bitcoin bounces after testing a long-term support trendline | Source: Tyler D Coates

Stock-to-Flow Support

The so-called demand area is a part of PlanB’s popular Stock-to-Flow model, a price prediction tool that imagines the bitcoin price at $100,000 in the near future. The analyst had also rejected bitcoin’s 9 percent crash as an irrelevant event,…

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