Bitcoin's drop on Friday saw the leading cryptocurrency fall into what is known as bear market territory. This is defined when any asset falls more than 20% from its current peak for the current year. Well, BTC achieved this when it fell below 55,192 on Friday morning. The fall sent him to 53,552. It tried to stabilize in weekend trading, but made another dip last night, dropping to 53.341. However, since the new interim low was set, the price action has been all one-sided. It recovered above 58k this morning (58,266 high) and that's a pretty impressive rebound by any standard, nearly 10% from the lows. The higher move has been aided by a recovery in overall risk appetite so far today, as have some of the usual bullish calls from analysts.
Bitcoin's drop on Friday saw the leading cryptocurrency fall into what is known as bear market territory. This is defined when any asset falls more than 20% from its current peak for the current year. Well, BTC achieved this when it fell below 55,192 on Friday morning. The fall sent him to 53,552. It tried to stabilize in weekend trading, but made another dip last night, dropping to 53.341. However, since the new interim low was set, the price action has been all one-sided. It recovered above 58k this morning (58,266 high) and that's a pretty impressive rebound by any standard, nearly 10% from the lows. The higher move has been aided by a recovery in overall risk appetite so far today, as have some of the usual bullish calls from analysts.