Subsequent to the recovery of the Bitcoin price (BTC) movement from $7,700 to around $8,200 in the past 24 hours, technical analysts anticipate Bitcoin and other major crypto assets to recover in the short term.
Speaking to Cointelegraph, crypto trader Nick Cote said that there are plenty of times when the price history was at $7,600, which is likely to hold as a level of strong support for traders in the upcoming days. Technical analysts remain divided on the Bitcoin price trend and the rest of the crypto market, but most generally agree that there is strong demand to buy BTC in the mid-$6,000 to $7,000 region.
Bitcoin price sees short-term relief
On Sept. 28, the Bitcoin price critically recovered beyond $8,200 across major crypto trading platforms — including BitMEX and Coinbase — preventing a further drop to the low $7,000 region.
As said by Josh Rager, a crypto technical analyst, the breakdown of key support levels at mid-$7,000 is likely to result in BTC spiraling down to the $6,100 to $6,500 range, which has seen lots of price actions in the months prior. Rager said: