Bitcoin prices rose to heights above $69,000 but fell sharply on Tuesday (5 March 2024) before quickly recovering to reach $67,000 the next day (6 March. 24). ) Crypto analysis companies like Swiss bloc See this recovery as a sign of the possibility that prices will rise again.
Analysts from Swissblock note that the drop in Bitcoin prices confirms key support levels. $59,000-62,000, where Bitcoin prices were stable for a week before rising to an all-time high.
“Quick recovery and prepare to reach new highs,” Swissblock said in an update on Telegram on Wednesday.
According to the chart shared by Swissblock, Bitcoin price was able to quickly return above the $62,000 level. It is the initial sign of a new uptrend. The goal is $76,000.
company QCP Capital It is a Crypto trading company based in Singapore. It is also expected that the price of Bitcoin will increase again soon.
“The recovery is very impressive,” QCP analysts said in a market report on Wednesday. “The decline was bought back quickly and aggressively, with the $60,000 level showing strong support.”
“With some leverage being removed, This makes the path for upward adjustment now more open. And we see an opportunity for prices to rise in the near term. Meanwhile, the uptrend has resumed,” QCP added.
Bitcoin spot ETF listed in the US Received a large amount of investment during the fall in the price of Bitcoin on Tuesday. This shows that ETF investors are not scared by the price drop. and keep buying
In addition, the information collected by BitMEX Research Highlighting the fact that all 10 ETFs that have just been launched Total net investments were $648 million, the highest daily investment amount since the fund’s launch on 11 January. iShares Bitcoin ETF (IBIT) BlackRock Daily Breaks Record Received $788 million in new investments and added 12,600 BTC to the fund.
Source: coindesk
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