The Bitcoin (Bitcoin) price has rebounded to $7,050 on April 2nd as the cryptocurrency market has recorded a gain of $13 billion, The Merkle reports.
According to our online Bitcoin (BTC/USD) Chart, it is now traded around $7040:
Bitcoin had been continually weakening over the past days of Easter Celebration until it fell to a midday low of $6,500, a drop of over 7%.
However Bitcoin saw a complete reversal after the 12 hour bleed, regaining much of the day’s losses in a matter of minutes. Over the course of a half hour, BTC rose from the daily low of $6,500 almost $400 to just below $6,900 and then to over $7,000.
The exact same trend was seen many times before, and each time the market had corrected itself, it recovered. In 2014, that recovery period took around a year. During this correction, after reaching its bottom at exactly $6,000, bitcoin price has been volatile in the $7,000 to $8,000 range, sometimes dipping below $7,000 and moving above $8,000.
Several analysts remain positive on the mid-term trend of bitcoin. Nick Cote, a cryptocurrency trader, stated that Bitcoin could test the $7,700 level in the upcoming days, and if it sustain its momentum, it could move back to the $8,000 region.
Most cryptocurrencies in the market are moving in a correlated manner, and the vast majority of assets are following the price trend of Bitcoin.