The never say die attitude of Bitcoin has seen the popular crypto’s slow and steady rise to a three-week high. It briefly touched the high of $32,222, which was its highest since May 10, on Tuesday.
Bitcoin has been moving upwards since the lows of May. At the time of writing this article, BTC was trading at $31,809, as per data from CoinMarketCap. It was up by 0.34% in the last 24-hours. Ethereum is close at Bitcoin’s heels, trading at $1,939. But it hasn’t seen many gains and has been down by 2.86% in the last 24-hours. Surprisingly, much of the crypto market is in the red. There’s a mixed reaction from the altcoins. Avalanche is the biggest loser. It lost 8.12% in the last 24-hours. Solana is down by 5.03% and Polkadot lost 3.75%. The meme coins are in the red as well. Shiba Inu lost nearly 4% and Dogecoin is down by 2%. Cardano is the biggest gainer. It is up by 4.07%.
Some analysts are cautious about Bitcoin’s slow rebound. FundStrat, a crypto analyst, said it’s plausible that Bitcoin can continue its reversal after posting its first green weekly candle in 10 weeks. He highlighted that persistent macro headwinds cannot be ignored in the immediate term. Moreover, the popular crypto’s sell-off since last November coincided with tighter liquidity conditions. There was a decline in global negative-yielding debt and lower amounts of cash held in money market funds.
Bitcoin’s upward movement was preceded by a bullish divergence. BTC price has reclaimed the $30,500 horizontal area which has been acting as support since May 2021 prior to the May 2022 breakdown. If it retains the support, it would mean the supposed breakdown was only a deviation.