Bitcoin rises above 38k as market tries to regain lost ground

Traders are actively raising the price of bitcoin, trying to regain the positions they lost on Sunday-Monday amid investor support.

At the time of publication, the BTC rate is fluctuatingaround $38.2 thousand with a daily increase of 13.8%. After successfully overcoming the resistance at $35 thousand, a rapid recovery began, demonstrating the serious mood of the bulls. On the hourly chart, the price is above the 10-hour and 50-hour moving averages, indicating a strong bullish trend.

Analysts attribute the current rise to interestinstitutional investors to the market thatactively bought bitcoin during the period of the fall from $ 41 to $ 30 thousand. This did not allow the collapse to drag on and allowed the BTC to quickly recover from the drawdown. At the same time, experts are not sure of long-term growth, since after the excitement of recent weeks, the further market behavior cannot be accurately predicted.

Most traders took a wait-and-see approachposition and are closely monitoring the dynamics, since they do not exclude the possibility of a larger rollback up to $23 thousand. This is indicated by the low current trading volumes.

At the same time, representatives of Bakkt Holdings are confident in the long-term growth of the crypto market and an increase in its capitalization to $ 3 trillion.

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