Bitcoin keeps faith in bull market as BTC price rises

bitcoin (BTC)quickly wiped out their monthly losses through June 7 as volatility finally turned in favor of the bulls.

Bitcoin keeps faith in bull market as BTC price rises
BTC/USD 1-hour candlestick chart on Bitstamp. Source: NewsOfFinance

Bitcoin (BTC) price started to recover

Cointelegraph Markets Pro And NewsOfFinanceData from , showed that BTC/USD reached $27,388 on Bitstamp. This level almost represents a new June peak.

The pair continued the recovery that started the previous day and markets erased the initial declines from US legal action on Binance and Coinbase.

Thus, Bitcoin regained all the ground it lost and returned to the previous trading range focusing just below $27,000. Michaël van de Poppe, founder and CEO of Eight, evaluated this situation with these words:

It came back to $27,000. Big bounce from 200-Week MA. It’s time to increase the new uptrend in Bitcoin to $ 38-42 thousand.

Van de Poppe referred to the 200-week moving average at $26,400, a key support level that was lost for just a few hours. A previous Twitter post called the BTC price correction “done”, echoing similar sentiments from popular traders.

Trader and analyst Rekt Capital said:

Bitcoin retested the 200-week MA as support. There was a bearish wick below the MA but $BTC managed to stay above it.

Bitcoin keeps faith in bull market as BTC price rises
BTC/USD explanatory chart. Source: Rekt Capital/Twitter

Rekt Capital had previously warned that a drastic loss of the 200-week MA would result in a trip towards $20,000.

Analyzing the leap itself, Decentrader evaluated the behavior of stock traders.

Analysts, who then commented on the drop below $27,000, argued that this was the increase in long positions holding the market back:

We usually see some pullback until this situation is resolved.

Hayes: Bitcoin broke the wall of worry

Arthur Hayes, the former CEO of derivatives exchange BitMEX, has equally not shaken his belief that BTC price action will go to a better place. In the ongoing backlash on social media, Hayes urged hodlers to wait for the full return of the Bitcoin bull market. He said about the recovery:

The worry wall is being climbed, come with me on the BTC bull market bus. We are still in the street of struggle but the moon is not far away.

A day earlier, Hayes warned of the “FUD” surrounding Binance, arguing that risk assets are responding to and will resolve larger macroeconomic issues.

This article does not contain investment advice or recommendations.

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