Bitcoin (BTC) Recovery: 5 Reasons for the Rapid Price Spike

(BTC) entered an unexpected relief rally, establishing a low just under $6,600. The relief rally happened just as BTC sentiment was extremely bearish, with lower bottoms predicted.

BTC, however, surprised the markets, by rising rapidly from a low at $6,545, adding hundreds of dollars after US open hours on Wednesday. BTC appreciated to a peak at $7,335, before sliding again, establishing stability at $7.145.22. Trading volumes picked up immediately to above $32 billion’s equivalent in the past 24 hours.

Here are the top 5 reasons for the recovery:

Sentiment Improving: BTC trader behavior signals “extreme fear”, but it also seems traders are used to the risk. With futures and options markets available, price fluctuations and pressures are to be expected. But BTC has shown it is not worthless and going to zero, while in fact holding value for both traders and holders. The Bitcoin Fear and Greed …

This article appeared first on Cryptovest

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