Is the Bitcoin Drop over? BTC Shows Signs of Recovery

 

The price of Bitcoin seems to be on the road to recovery after a short-term correction brought BTC down from a new all-time high of nearly $42,000 to a low of $31,150, which is a drop of more than 25 percent.

However, as many Bitcoin bulls predicted, the dip seems to have been short-lived: at press time, BTC had regained levels up to $36,000 and appeared to be continuously moving upward.

Indeed, Tegan Kline, Business Lead at The Graph, told Finance Magnates that she would not call yesterday’s price drop a “crash.” Instead, “I would call it a correction,” she said.

Jeffrey Wang, Head of the Americas at Amber Group, explained to Finance Magnates that “the move past $40K was swift without any significant pullback, and I think now we’re seeing more people taking profits adding to the price pressure.”

Jeffrey Wang, Head of the Americas at Amber Group.

“Expect there to be good support at the $30K level,” he added, “as buying on dips has been a consistent message we’ve…


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