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For several months, Bitcoin has been trading at a steady rate leading a lot of analysts to carefully track its price since stability is rare in the cryptocurrency market. However, Bitcoin once again showed its volatility a couple of weeks ago when it broke through key level supports and has plunged down from $6,400 to its current $4,300 price.
While the bears have been out for blood in the past weeks, the bulls actually managed to nudge the price of Bitcoin. Two days ago, Bitcoin’s price was hovering around the $3,700 range but has since seen an impressive increase as it jumped above $4,200 as of this writing.
Promising as this numbers might be, the bears are still imposing their will on the Bitcoin market and this recent rally is expected to be tested again. The Relative Strength Index has gone down below 70 but is still hovering around 60 indicating oversold behavior.
According to the charts over at CoinMarketCap, Bitcoin managed to increase its value by 11.08 percent in the last 24 hours. XRP has also seen a positive run as it increased its price by 7.55 percent, while Ether enjoyed a 9.86 percent uptick.
With the recent waves of an upward trend, people have been asking whether Bitcoin has finally bottomed. The short answer is no. Although the bulls managed to increase its value by $500, this is not an indication that it will continue to do so. It’s also not a sign that a bottom has been reached unless the market tests the $3,500 levels.
If Bitcoin can survive repeated attacks from the bears at this position for a long period of time, then it might indicate that a bottom has indeed formed. Until such time, Bitcoin’s price could very well see another downward turn.
But even though this is the case, New York Stock Exchange Chairman Jeff Sprecher still consider Bitcoin as an alternative currency that has a legitimate place in the regulated market. He added that despite the losses that Bitcoin suffered recently, the cryptocurrency will still thrive and will not go away, CNBC reported.
