Bitcoin hasn’t had the best of times of recent, as its value declined, even below the $7K price level. However, bitcoin received a sudden turnaround as the crypto asset makes sharp gains back to the $7,500 mark. At the time of reporting, bitcoin price trades at $7,565.99 according to BITSTAMP’s 1-Day chart on TradingView.
Glorious Bounceback May See Bitcoin Forming New Uptrend
A lot of speculations about recent bitcoin trend has made the wave; however, the most substantial of them being that bitcoin has formed an inverse head and shoulder pattern on the monthly chart which could raise the price of bitcoin, even more, higher in coming months.
Confirming the new pattern, Mati Greenspan, who was formerly the senior trading analyst at eToro opined that the neckline of the new pattern is broken and therefore validating the pattern.
However, he also opined that patterns like this play out over long periods, and the effect of this could take some time.
Why Bitcoin Had Continued To Fall
While rejoicing about the new move for bitcoin, analysts have also tied recent selloff of bitcoin to recent funds lost by the popular South Korean exchange, UPBit.
Though the exchange didn’t directly refer to the incident as a hack, it noted that about 342,000 ETH, valued at about $50 million moved from the exchanges’ hot wallet.
In the wake of this, traders continued to short their bitcoins and other cryptocurrencies as well sending bitcoin’s value down several percentages.
The exchange says its covering for missing funds but has disabled deposits and withdrawals on the platform for the next two weeks.
As Bitcoin Surges, Bakkt is Having its Fair Share of Glory
As bitcoin’s value mounts, Bakkt, which is known to be the haven for institutional investors to trade bitcoin, hits a new milestone.
So far, the exchange had traded 5,671 bitcoins, estimated at $43 million at the current price. This is the highest sold so far within 24 hours since the exchange launched in September 2019.
