Bitcoin Poised For Recovery, Relief Summer still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th. Bitcoin Poised For New Rally In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925. Since then, it has partially recovered its value and today saw its first test of $25,000. Bitcoin continues to rule the charts despite being down 46.5% from its previous high, but its dominance has decreased to slightly under 40% as opposed to more than 50% a few months ago. BTC/USD trades slightly below $24k. Source: TradingView However, Bitcoin has been relatively peacefully fluctuating horizontally over the past two weeks between $22,500 and $24,500. At the same time, recent weeks have seen a significant recovery in both commodities prices and stock markets. As a result, the overall financial markets are experiencing the anticipated summer rally. Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn Since attitude had reached a severe panic state in the middle of June as a result of the financial markets’ steep, month-long decline, perception among participants has greatly improved during the course of the most recent rebound. This in and of itself is a well-known bear market pattern. However, it won’t be known whether and how the bears will return until around mid-Sept...