Summary
- Bitcoin’s price bounced back above $62,000 earlier today.
- BTC is now officially well-positioned for a reclaim of the reaccumulation range.
Earlier today, Bitcoin’s price bounced back above $62,000 following a very volatile week that began with a Black Monday across all markets.
At the moment of writing this article, BTC is trading above $60,000, up by over 6% today.
Bitcoin Rally Continues
Bloomberg just noted today that Bitcoin continued to rally in tandem with a rebound in Asia equities after the “bruising selloff.”
The publication noted that BTC rose as much as 5.3% earlier today, above $62,000, intending gains from August 8.
This move marked a turnaround from earlier this week when the market posted its steepest decline since the days of the FTX collapse back in 2022.
Bloomberg also noted that traders view the recent volatility in the crypto markets as the product of macroeconomic factors as well as forced selling by crypto speculators.
As we reported on August 8, Glassnode revealed that speculators got purged and the total liquidations in Bitcoin were $365 million both long and short positions.
Bloomberg cited the head of business development in Asia-Pacific at Keyrock, Justin d’Anethan, who said that in the medium-term, macro factors will continue to weigh on risk assets. He also added that the unwinding of the yen carry trade is not something that gets resolved in a couple of days.
History Repeats Itself
Popular crypto trader Rekt Capital said in a post on X a few hours ago, that history seems to be repeating itself because now Bitcoin is officially well-positioned for a reclaim of the re-accumulation Range Low as support.
He said that Bitcoin is on the cusp of returning into the re-accumulation range despite the recent downside deviation.
Today, he shared another post via X, saying that continued stability above $60,600 will take BTC back to $65,000 over time.