As traders highlighted a bullish pattern on Monday, the seven-day price chart, suggesting that Bitcoin may have bottomed out.
“Bitcoin is showing a large green weekly candle with a significant wick,” crypto trader Matthew Hyland noted in an analysis video on August 8 as Bitcoin surpassed $61,000.
“Currently, this trend is shaping up to be a strong upward trend on the weekly timeframe,, suggesting that “Bitcoin may have reached the bottom for this entire structure.”
Bitcoin briefly hit $62,510 on the 8 of August before going back to $61,068 at the time of publishing this news. According to CoinMarketCap data, the asset had gained 12.46% since August 7.
This swift recovery occurred just days after Bitcoin fell below the critical support level of $49,751 on August 5, which was dubbed “Crypto Black Monday.” It marked the first time the price dropped below $50,000 since February.