The crypto market is recovering after last week’s crash that wiped out billions of dollars but investors are not too overjoyed. They are bearish and looking for short-term gains. On Monday, bitcoin was at its six-month low of around $33,500. It was recovering marginally.
At the time of writing this article, the popular crypto has been up by nearly 3% in the last 24-hours. BTC is trading at $36,399, as per CoinMarketCap. Ethereum is still trying to catch up but has been down by nearly 2% in the last 24-hours. However, Ether has slightly recovered from a nearly $2,000 touch. The world’s second most popular crypto is trading at $2,413.
Market experts believe bitcoin prices are heading for a critical juncture following the formation of a large double top chart pattern. But it remains in the red boundary as the break below the psychological $30K support barrier could be a serious concern for corporate investors.
Corporate investors like MicroStrategy and Tesla have recorded slumps in stocks. But the fall hasn’t rattled Michael Saylor, the head of MicroStrategy. He prefers to hold onto his bitcoins saying “We’re not sellers”. Saylor said the company’s strategy is to acquire and hold tight onto its crypto. Tesla holds around 43,200 coins worth a whopping $1.56 billion. According to Bloomberg analysis, the EV maker is closing on a breakeven point.
Marcus Sotirious, an analyst at GlobalBlock, believes it’s too soon to call a price bottom. He pointed out that things are a bit hazy, not as clear as previous cycles. This is because the market is changing drastically with more institutions and investors in the ecosystem now. As such, bitcoin’s ranging environment has widened with its low mark going lower between $29,000 – $69,000 range.
Alex Axelrod, founder and CEO of Aximetria, sees BTC’s recovery as a long shot. Investors are more interested in the crypto’s price stabilizing than anything else.