In the past couple of days, the price of Bitcoin was decreasing in an alarming manner, bottoming out at $17,600. However, the value of this Cryptocurrency quickly caught up and as of today, exceeded $19,000. Traders predict that there might be a broader rally coming up.
The value of Bitcoin began to rally soon after it bottomed out at $17,600
On Friday, the value of cryptocurrency dropped to sub-$17,600. But the price soon began to rally again today and rose to more than $19,200. This massive elevation in buyer demand signals that Bitcoin may have seen it’s short-term bottom. When the price fell to $17,700, Nik Yaremchuk and Edward Morra (on-chain analysts) fathomed humongous buy orders on Coinbase and Bitfinex.
Cointelegraph, a prominent digital media resource that covers crypto assets, shared some key pointers that will be beneficial for traders in the coming days. The company reported that the sell-pressure of Bitcoin usually remains high. This indicates the second wave of all-time high. Traders should consider these main factors in the near future.
The findings were shared with Cointelegraph by Santiment, industry’s popular analytics provider.