Crypto Currency News

Bitcoin price: BTC shows signs of recovery after Monday’s crash

The largest cryptocurrency by market value reached its lowest level since February 11 in the early hours of the day

Bitcoin kicked off Tuesday with the second consecutive drop of the week. The price of BTC reached $ 45,047 to bounce and trade at the time of publication of this note at $ 46,700.

The largest cryptocurrency by market value reached its lowest level since February 11 in the early hours of the day, after a historic weekend in which it reached a new all-time high at $ 58,332. Different analysts see this correction as a consequence of the recent increase in the yields of the Treasury bonds of the United States.

The concrete thing is that Bitcoin pierced the support levels of $ 47,500 and $ 46,600. If this fall takes hold, BTC could experience the classic behavior of March, a month in which the price of bitcoin traditionally undergoes important corrections.

But the positive of the day is that after touching USD 45K, the price of BTC rebounded and reached a price above USD 47,000. In this way, the short-term objective for the bulls is to break the new barrier of $ 50,000, which could start a strong recovery in the coming days.

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