The Future looks bright for CYX Over the past 24 hours, the cryptocurrency market has gained $19 billion, from $248 billion to $257 billion, as major cryptocurrencies including bitcoin and Ethereum recovered from their recent losses, as bitcoin price rose 4%.
Bitcoin’s Rise
On April 6, the bitcoin price fell from $7,000 to $6,500. Traders were anticipating a potential drop to the yearly bottom at $6,000, as bitcoin price remained at the $6,000 mark for several hours before rebounding to $6,600. If the bitcoin price had not rebounded from that level and sustained the $6,500 mark, the price of bitcoin could have dropped to the $6,000 mark.
However, as time passed, bitcoin started to demonstrate some buy volumes, and it picked up momentum on April 7. Eventually, within a 24-hour span, the bitcoin price increased from $6,500 to $6,950.
The 15-minute candle chart of bitcoin on April 6 evidently showed the end of its corrective rally from $6,600 to $7,500, which could have been key to bitcoin’s short-term recovery towards the $8,000 region. In the upcoming days, bitcoin could eye the $8,000 region if it can rise back again to $7,500 and test the $7,800 level.