On August 13, 2023, Bitvavo published a detailed analysis of the current state of the crypto market, shedding light on Bitcoin’s recent fluctuations. After a week marked by widespread panic, Bitcoin has shown impressive resilience, recording a rapid recovery after a sharp price drop.
Bitcoin: a spectacular rise after a historic low!
According to Bitvavo, Bitcoin hit a low of €45,000 before rebounding 25% in just three days to reach €56,000. This strong recovery puts Bitcoin back in a corrective pattern that has been ongoing for five months. The BTC price has hit its peak five times, currently around €64,500, and briefly dipped well below that level during the recent drop. This low of €45,000 is almost equivalent to the peak reached when Bitcoin ETFs were launched in January this year.
Bitvavo points out that Bitcoin has also touched the 50-week moving average, a long-term indicator that has historically served as the initial dividing line between bull and bear markets. Despite the tensions of the past few days, the strong recovery has kept the market afloat.
At the same time, Bitvavo has observed a historic decrease in the number of bitcoins held on exchanges, according to the analytics firm’s data. This trend could indicate increased confidence among long-term investors, who prefer to hold their assets rather than trade them frequently.
Bitvavo at the heart of crypto news
Bitvavo, as a crypto exchange platform, plays a crucial role in providing regular market analysis and updatesTheir commitment to transparency and security, including the adoption of Nasdaq Market Surveillance to strengthen the integrity of their digital asset exchange, reinforces their leadership position in the industry.
Bitvavo’s analysis highlights Bitcoin’s resilience in the face of market turbulence. The rapid recovery after a significant drop shows the robustness of this crypto and continued investor confidence. As the crypto market remains volatile, Bitvavo’s analysis and updates provide valuable perspective to navigate this ever-changing environment.
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