Recent price dips in Bitcoin (BTC) are mirroring patterns from the second quarter of 2023, with a notable rebound in Coinbase Premium suggesting positive US market demand. The cryptocurrency’s value consolidated around $110,000 on Tuesday as analysts noted signs of a crypto market recovery. This follows significant liquidation events that brought the price to its lowest point since the beginning of the year below $109,000. 📈
Coinbase Premium turned positive, indicating increased demand for Bitcoin within the US market. This rebound coincides with large-scale liquidations worth over $700 million in the past 24 hours as reported by CoinGlass.
Popular trader BitBull expects a short-term rally fueled by long positions re-entering and a possible “short squeeze,” potentially pushing Bitcoin prices above $115,000.
Analyst Cas Abbe draws parallels between current market behavior and the second quarter of 2023 when BTC prices experienced a sharp decline before recovering. He suggests that this recent dip mirrors a similar pattern seen back then.
The resurgence in demand for Bitcoin ETFs also appears to be playing a part in bolstering the asset’s price.
However, some analysts point out that macro uncertainties such as market volatility and geopolitical factors are affecting Bitcoin prices negatively. Overall, the cryptocurrency community remains cautiously optimistic about future price movements of Bitcoin.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.