- Bitcoin retraces 20% since hitting the new YTD low at $17,592.
- Ethereum price has a high-risk tolerance with an equally high reward.
- XRP continues to see turbulence amidst the SEC dispute.
The crypto market is showing signs of a decent recovery. It may be too early to call a bottom, but multiple signals point to that possibility.
Bitcoin price on a sneaky hike
Bitcoin price is currently up 20% since the fear-invoking sell-off that brought the peer-to-peer digital currency back into the mid-17,000 zone, a level unseen since 2020. On Tuesday, Bitcoin trades at $21,000 as optimism is subtly encouraging more transactions on the Volume Profile indicator. Investors looking to partake in the discounted BTC price should consider reading last week’s outlook for an in-depth analysis and precise invalidation level.
Bitcoin price now targets a $25,700 area but is still submerged under the 200-week moving average at $22,500. Thus investors should expect turbulence amidst the optimistic recovery rally. A break and retest above $22,500 could produce enough fuel to propel the BTC price back to $25,000.
Invalidation for the recovery rally is a breach of $17,592. If this were to occur, $16,000 would be the next target resulting in a 24% decrease from the current Bitcoin price.
BTC/USDT 1-Day Chart