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BTC Rebounds Once Again As it Hits $50K For The First Time Since May

Since plunging to the $29,000 range in late June, Bitcoin has finally recovered approximately more than 72%.

Exness Broker

BTC Rebounds Once Again As it Hits $50K For The First Time Since May

 

It goes without saying that bitcoin is having more ups and downs even than the most toxic relationships. But what is the chain of events that eventually triggered it? 

If you ask us then we'll probably point you at-

- MicroStrategy.

- Tesla.

- Galaxy Digital Holdings.

- Voyager Digital LTD.

- Square Inc.


The list gets even more intense than that as if it's already not enough, right?

Anyway, rumor has it that Amazon is currently showing interest in the popular cryptocurrency. So, you get the idea that what's really gonna happen!

Moving on, Since plunging to the $29,000 range in late June, Bitcoin has finally recovered approximately more than 72%.


Quite the improvement there!

Theoretically speaking, BTC's price was back on the offensive late Sunday, touching $50,000 for the first time since May and signaling that the bull market was fast approaching its second leg. 

The BTC price peaked at $50,270.00 on Bitstamp, having gained 3% on the day, according to Cointelegraph Markets Pro. The largest cryptocurrency has a total market capitalization of $943 billion.


That's not it, though!

On-chain metrics recently suggested that a supply squeeze may be further expected, with long-term holders and institutions supporting their BTC holdings while prices remained at a discount. 

A series of higher lows and a positive daily close signal have carried the momentum for BTC since trading in the low $30,000 range.

Meanwhile, the Bitcoin Fear & Greed Index has something astonishing to say, from their perspective, BTC's rollercoaster ride has gone all the way from“extreme fear” to “extreme greed” in less than a month.

The cryptocurrency market appears to have turned a corner this month, with the combined crypto capitalization currently hovering at roughly $2.2 trillion, according to Coingecko. 

By contrast, the combined crypto capitalization dropped below $1.3 trillion during the depths of July's bearish market action.

While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (ADA), Polkadot (DOT) and Solana (SOL) were all boasting double-digit gains for the week.

In the end, judging from the WILD rollercoaster ride BTC is having, it can be assumed that a crypto uprising is on its way. 

Brace yourselves then!

enlightenedTRENDING TOPICS

 

 

 

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