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Bitcoin’s price has risen above $56,000 after a big drop on Monday. This recovery has brought hope to the market. The current trade price of Bitcoin is $55,60 & this price is 7.8$ high over the last 24 hours.
It is worth noting that the current trade price is still 16.5% down over the last 7-day period, which is a big disappointment for those who allocated a significant amount of money to Bitcoin last week.
Solana (Sol), another popular Proof-of-stake (PoS) cryptocurrency, is leading this recovery. Solana’s price has gone up more than other cryptocurrencies since the Monday drop.
According to Crypto experts, this sudden bounce back in the trade prices of the top flagship crypto assets is a sign that people are still confident in cryptocurrencies. Many investors are happy to see Bitcoin and Solana doing well again.
The quick recovery of Bitcoin and Solana has made many in the market feel more positive about the future but it will be interesting to see the next move in this market because already many geopolitical conflicts are in play & badly impact the positive sentiments of the market.
Today a popular Crypto analyst Titan of Crypto shared his prediction on behalf of the market sentiments & price volatility of Bitcoin and said that Bitcoin’s recent price drop has filled the gap seen in the monthly chart. Now, Bitcoin might stay in a certain price range and form a temporary low point, called a “local bottom.”
Indirectly the crypto analyst said that the market might stabilise and form a “local bottom,” meaning it could stop dropping and possibly start to rise again. However, it doesn’t guarantee a pump; it just indicates a potential end to the recent downward trend.
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