The latest cryptocurrency news show that the Bitcoin price recovers after falling from $13,800 to $9,361. The new recovery is a 20% increase from yesterday morning’s levels and a 30% surge from the lowest point since the breakout.
Technical analysts have expressed their optimism towards the swift recovery of BTC. As Bitcoin price recovers, the dominant crypto asset also shows a change in trend which may also affect the other cryptocurrencies. In other words, the coming altcoin news may show further increases than the one recorded right now.
According to one popular technical analyst named Josh Rager, when the Bitcoin price recovers this big, it is often followed by a major rally. He said:
“BTC has just hit over 20% gain in less than 24 hours Looking extremely bullish and could be heading towards $11,760 (1 day resistance) Wanting to go to sleep but it’s hard to rest when Bitcoin crushes resistance after resistance on lower time frames.
We had our 30% pullback so what’s next? History says that price consolidates followed by an average gain of 153% before the next big pullback There are great rewards for buying pullbacks in a bull market.”
Other analysts were also featured by many best cryptocurrency news sites, commenting on the news that Bitcoin price recovers. Peter Brandt, who is another best-selling author and popular trader, said that this correction is mild in comparison to the corrections seen in 2015 to 2017, indicating that the trend of the market remains strong.
“The recent 30.5% correction in BTC is mild compared to the many corrections in the 2015-2017 parabolic advance. $BTC,” he said.
— Peter Brandt (@PeterLBrandt) July 2, 2019
The CEO of Kraken, Jesse Powell, was also featured in the cryptocurrency news for stating that it may be inaccurate to claim that Tether is solely increasing the value of BTC – because their increase in the supply of Tether has been supplemented with an increase in inflow of deposits into exchanges.
“I don’t have inside knowledge of what’s happening at Tether but I can tell you that historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of the U.S. dollars coming onto Kraken and other exchanges would report the same. So I think what you’re seeing with Tether is just a very transparent reflection of what is happening at the banking system level with all the exchanges,” he said.
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