In the past 24 hours, the Bitcoin (BTC) price has recovered from below US$6,800 to US$7,000, as buy pressure in the higher region of US$6,000 prevented a further fall to the mid-US$6,000's.
As BTC's price rebounded and averted a large drop to US$6,500, most tokens and small market cap cryptocurrencies recovered, pushing the valuation of the cryptocurrency market to about US$227 billion.
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As reported earlier this week by CNBC, many traders expected the price of Bitcoin to fall from US$7,000 to US$6,500 as it reachedUS $6,800. But, as it did since August 6th, BTC has shown stability around the US$6,000 to US$7,000 region.
As ShapeShift CEO Erik Voorhees said, the worst part of the cryptocurrency market correction seems to have come to an end and if major cryptocurrencies can continue to low volatility and stable momentum throughout the weeks to come, it is possible for Bitcoin to eye major resistance levels in the US$8,000 to US$9,000 region.
Cryptocurrency analysts say it’s too soon to say whether the recent momentum is the start of a more prolonged price recovery, with one warning investors to "not get carried away".
Matthew Newton, an analyst with online investment platform eToro, said: "The reaction to the recent ETF rejection was more muted than many expected – which is obviously a positive. The fact that negative news didn't move the market lower suggests sellers may be running out of steam for now."
