Bitcoin (BTC) held support at $ 34,000 on June 23 as the rebound from the six-month lows showed surprising resilience.
Data from Cointelegraph Markets Pro and TradingView show BTC / USD remains stable on Wednesday after a day of worrying volatility.
At the time of writing, Bitcoin has hit $ 34,500 and hit a high of 15% thanks to daily gains.
While the recent price action didn’t convince everyone the bottom was out, the drop to $ 28,600 was portrayed as a speculative event after negative news from China similar to the $ 30,000 crash flash in May.
Mike McGlone, senior market strategist at Bloomberg Intelligence, has little reason to reassess the long-term bullish view of Bitcoin.
$ 30,000, he argues, looks like $ 4,000 after the 60% sale in March 2020 – a “line in the sand”.
“Selling Bitcoin for good support and a similar drop below most means this year around $ 30,000 didn’t end well and if the key question this time is whether or not it should be a longer-term bull market” , he said to explain.
Meanwhile, some of the more cautious voices include prominent trader Rekt Capital, who on Thursday became keen that Bitcoin can run a negative Wyckoff pattern to break out of the downtrend.
“In short, if BTC loses this current downtrend wedge structure … BTC will enter Phase E of the Wyckoff distribution,” he said. warning.
“If $ BTC breaks out from here and rejects sharply from the red zone above … Phase E could also be ahead of us.”
China’s crackdown on mining, the main driver of the current price weakness, has divided commentators.
Related: Chinese Bitcoin Miners ‘Not Even In The Mood To Drink’
In an interview with mainstream media, Saifedean Ammous, author of The Bitcoin Standard and its sequel, Fiat Standard, argued that the miners were forced to emigrate from China.
He added that the coins in question could have been held for a long time, adding to the pessimistic sentiment as custodians collect moves from coins that have not moved for an extended period of time.
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