Bitcoin has recovered most of its losses seen at the beginning of this week, thus proving to skeptic investors who were quick to predict the end of the top cryptocurrency’s bull run.
The world’s leading crypto asset advanced as much as 7.5% to briefly climbed to $40,000 again on Thursday, with other altcoins such as Ethereum, Litecoin, and Bitcoin Cash also seeing a rise in their value. Over the weekend, Bitcoin was trading at about $36,230, thus experiencing a fall by 6.5% after clearing $40,000 earlier in the week.
Craig Erlam, a senior market analyst at Oanda Europe, said:
“While $35,000 may provide an interesting test, the only level that really matters is $30,000. A break of this could trigger a much sharper correction.”
He further added:
“We know it’s an extremely volatile instrument – the only difference this time is the absolute numbers are now much larger due to its growth over the last month.”
Meanwhile, Mike McGlone, a commodity strategist at Bloomberg…