100% Recovery For Bitcoin From The $3.700 Lows: Analysis

Bitcoin achieved a 100% recovery from the lows at $3.700 and is now trading twice of the price of the March crash. BTC added 10% in one day and is on its way of making fresh gains as we are about to read further in the following Bitcoin news.

BTC tested the $7,500 support today after the surge which led the cryptocurrency to overcome its resistance and the reliance on the stock market. The data from Coin360 showed that the BTC/USD pair attempted to form new support at $7,500 earlier this week. Since reaching the $7,760 price range, there were only a few dips below $7,400 zone which indicated the market strength. The high was the best performance for Bitcoin which led it to make a 100% recovery. Since then, the benchmark cryptocurrency tried to exit the correlation with stocks and the recent boost only showed the contrast with the oil markets and the current situation on the traditional markets.

Cryptocurrency market daily overview. Source Coin360 - 100% Recovery For Bitcoin From The $3.700 Lows: Analysis

Cryptocurrency Market Daily Overview. (Source Coin360)

The S&P saw a sharp contraction during the trading time yesterday because of the news that emerged of the pharmaceutical company which allegedly harbored an effective coronavirus cure but eventually turned out that they don’t. Bitcoin looked more impressive year-to-date the cryptocurrency increased up to $300 or about 4.2 percent. The analyst from Cointelegraph Markets Michael van de Poppe stated:

 “If we make some nicer slow retracements in the coming few days, I’m assuming we might even be going towards $8,400 or $9,000, as there is a CME gap over there which is a narrative for traders. But if we close the daily below $7,400, then I’m assuming this to be one big trap, and I’m probably even considering any shorts again.”

Bitcoin versus the SP 500 3 month chart. Source Skew - 100% Recovery For Bitcoin From The $3.700 Lows: Analysis

Bitcoin versus the S&P 500 3-month chart. (Source Skew)

In future events, Bitcoin didn’t see a daily close at lower levels. In the meantime, there are other theories among traders on social media that are focused on Bitcoin’s resemblance to Nasdaq which crashed during the Dotcom bubble. Others claim that there is a textbook V-bottom forming on the charts.

Bitcoin 1 day price chart. Source Coin360 - 100% Recovery For Bitcoin From The $3.700 Lows: Analysis

Bitcoin 1-day price chart. (Source Coin360)

Also, The May Bitcoin halving is a topic that is interesting for many people who are following the latest updates. The truth is, this halving may result in greater demand and higher prices for the dominant coin – but what are the actual challenges for the 2020 BTC halving?

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