The price of Bitcoin is showing signs of recovery after a recent plunge that saw it dip below $38,000. As of 1:09 PM EST, Bitcoin is trading at $39,990.90, up over 1.9% from yesterday’s close.
The chart shows that Bitcoin’s price has been on a rollercoaster ride in recent weeks. After reaching an all-time high of nearly $70,000 in November 2021, the price has fallen steadily, dropping as low as $37,800 earlier this week.
However, the recent uptick in price suggests that there may be some renewed buying interest in Bitcoin. This could be due to a number of factors, including:
- Short-term oversold condition: Bitcoin’s price had been declining for several days,and some traders may be buying back in now that it appears to have found support.
- Positive news from the cryptocurrency industry: There have been a few positive developments for Bitcoin and the cryptocurrency industry in recent days,such as the launch of a new Bitcoin ETF in Canada.
- Broad market recovery: The stock market has also been doing well in recent days,and this could be spilling over into the cryptocurrency market.
Source (CNBC)
