Bitcoin has shown some signs that could be of consolation for its investors Cryptocurrencies Tired of subsequent losses, especially after the currency suddenly recovered in trading on Monday.
This pattern emerged on October 13, when Bitcoin rose once again after falling 5% during the trading session to rise more than 1%. The change was overshadowed by a 5 percentage point improvement in the S&P 500 equity index on the same day, a rebound that left strategists stunned.
This scenario has repeated earlier, about 15 times since December 2018, when Bitcoin wiped out at least a 5% drop on the day to end up with a gain of at least 1%. Each time, the average increase was 19% over the next 60 days from these signals, according to data compiled by Bloomberg and viewed by Al Arabiya.net.
Bitcoin fell to around $ 18,201 on Thursday before closing at around $ 19,387.
The cryptocurrency fell 58% in 2022, driven by the US Federal Reserve’s rising interest rates, which drained liquidity from markets in the fight against inflation.
“The current inflationary environment remains challenging for risky assets, including cryptocurrencies, but Bitcoin has continued to adhere to the $ 18,000 support level,” said John Toro, head of trading at the Sydney Digital Asset Exchange’s independent repository.
