Bitcoin: What does this spectacular recovery reveal?
On August 13, 2023, Bitvavo published a detailed analysis of the current crypto market situation, highlighting the recent fluctuations in Bitcoin. After a week marked by widespread panic, Bitcoin showed impressive resilience, recording a rapid recovery following a sharp price drop.
Bitcoin: a spectacular recovery after a historic low!
According to Bitvavo, Bitcoin reached a low of €45,000 before rebounding by 25% in just three days, reaching €56,000. This strong recovery places Bitcoin back into a corrective pattern that has persisted for five months. The price of BTC has peaked five times, currently around €64,500, and briefly plunged well below this level during the recent drop. This low of €45,000 is almost equivalent to the peak reached during the launch of Bitcoin ETFs in January of this year.
Bitvavo highlights that Bitcoin also touched the 50-week moving average, a long-term indicator that has historically served as an initial demarcation line between bull and bear markets. Despite the tensions of recent days, the strong recovery has kept the market afloat.
In parallel, Bitvavo has observed a historic decrease in the number of bitcoins held on exchange platforms, according to data from the analysis company. This trend could indicate increased confidence among long-term investors, preferring to hold their assets rather than frequently trading them.
Bitvavo at the heart of crypto news
Bitvavo, as a crypto exchange platform, plays a crucial role in providing analysis and regular market updates. Their commitment to transparency and security, especially with the adoption of Nasdaq market surveillance to enhance the integrity of their digital asset exchange, strengthens their position as a leader in the industry.
Bitvavo’s analysis highlights Bitcoin’s resilience in the face of market turbulence. The rapid recovery after a significant drop shows the robustness of this crypto and the continued confidence of investors. While the crypto market remains volatile, Bitvavo’s analyses and updates offer valuable perspective for navigating this constantly evolving environment.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.