BTC Recovers to $62K Days After 'Crypto Black Monday,' Traders Eye Bullish Outlook
CryptoNewsTerminal Staff08 Aug, 2024
BTC Recovers to $62K Days After 'Crypto Black Monday,' Traders Eye Bullish Outlook
Bitcoin (BTC) has recaptured the $62,000 mark within days of the crypto "Black Monday" sell-off, with futures traders adjusting their positions and eyeing a bullish outlook, CoinTelegraph reported, citing multiple analysts. On-chain analyst Matthew Hyland, in a video shared via Twitter, observed "a long wick as Bitcoin breaks $61,000. Structurally, there's a good chance BTC is ready to run." Crypto trader Byzantine General stated, "This has to be the most epic bear trap [false decline] in crypto market history." According to Coinglass data, BTC futures traders were positioned 51.44% long and 48.56% short over the past 24 hours. BTC is changing hands at $61,269.28, down 0.68%, according to CoinMarketCap.
