After falling below $60,000, Bitcoin is trying to recover, and traders are daring to hope for an altcoin rally. Before the Wall Street open on April 18, Bitcoin (BTC) tickers dropped $64,126, and touched $63,000, as traders’ morale was lifted by a minor BTC price gain.
Analysis: Investors May Be “Tricked” By Bitcoin Price Lows
On Bitstamp, BTC/USD reached $63,095 according to data from Cointelegraph Markets Pro and TradingView, up 5.5% from the previous day’s lows. These were the lowest prices for Bitcoin since early March, at $59,700. Some forecasters expressed slight optimism, even if they expected the need to clear liquidity at $57,000 and even lower in the future. Rekt Capital, a well-known trader and analyst, was one of them. He restated that the price behavior of BTC/USD was consistent with a “re-accumulation range.”
“A crucial observation regarding Bitcoin’s Re-Accumulation Ranges during this cycle is that downward wicks below the Range Lows typically transpire to deceive investors into a false breakdown (black circles) before the resumption of an upward trend,” he said with a chart on X. Similar BTC price behavior was visible on the chart itself at several stages, starting with the bottom of the 2022 bear market. Every time, pricing experienced a brief local low before to achieving notable long-term increases.
