- Bitcoin price shrugged off losses from the collapse of Samuel Bankman-Fried’s FTX exchange.
- BTC hit a 24-hour high of $21,095 and experts affirm that the Bitcoin bottom is in.
- Traders watch $18,000 for pullback in BTC, analysts term $21,500, the make-it-or-break-it level for the asset.
Bitcoin, the largest asset by market capitalization, has erased the bloodbath that hit the asset in the aftermath of Samuel Bankman-Fried’s exchange collapse. BTC hit a 24-hour high of $21,095 and technical analysts are watching the $21,500 area with interest.
Bitcoin price recovers from Samuel Bankman-Fried’s FTX exchange induced bloodbath
Bitcoin, the largest cryptocurrency in the ecosystem and an asset with a market capitalization of $404.4 billion has made a comeback two months after the FTX exchange collapse. Samuel Bankman-Fried’s cryptocurrency exchange FTX collapsed in November 2022 when its native token FTT nosedived from $22 to $2 within less than five days. The contagion spread, bankrupting several cryptocurrency lenders, hedge funds and asset manager firms.
Lost client funds triggered a bloodbath in Bitcoin, and whipsawed BTC from $21,000 to $15,000 in less than a week. After two months of sideways price action and bullish macroeconomic triggers like the recent US Consumer Price Index (CPI) reading that came in at market expectations 6.5%, BTC has erased its losses.
The asset has climbed above the $21,000 hurdle and traders are watching the $21,500 area with interest. Technical analysts believe $21,500 is the make-it-or-break-it level for the cryptocurrency and affirm that the BTC bottom is in.
BTCUSD Perpetual Contract chart
$18,000 is the target in the event of pullback in the asset.
BTC/USD price chart
As seen in the chart above, shared by technical analyst @CredibleCrypto, Bitcoin needs to hold above $16,500 and rebound from here for a continuation of its uptrend. Below $16,500, $15,500 is another level that marks Bitcoin’s low after the FTX bloodbath.
@thescalpingpro, a crypto analyst agrees with @CredibleCrypto’s targets and bullish thesis.