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Bitcoin, after hitting a six-week low of approximately $58,400 on Monday, swiftly rebounded above $62,000, triggered by an oversold Relative Strength Index (RSI) marking its lowest point in over a year.
Key figures like Robert Kiyosaki advocate holding onto investments (HODL), while analysts anticipate that if Bitcoin maintains above $62,000, bullish sentiment could drive prices towards $63,500 by week’s end.
Recovering from a tumultuous start, Bitcoin surged on Tuesday, reclaiming the $62,000 threshold. Analysts predicted bullish momentum could push it higher by week’s close.
Currently trading at $61,343, Bitcoin shows a slight regression from its peak of $62,322 earlier today. Investor caution persists following Monday’s downturn, reflected in a 33% drop in trading volume to $26.3 billion over the past day.
The leading cryptocurrency began the week poorly, plummeting from $64,000 on Sunday night to below $59,000 on Monday, its lowest since May. Analysts attributed this decline to potential factors like an impending Mt. Gox sell-off and the German government’s movement of $500 million in BTC, unsettling investors as reported by Crypto News Flash.
However, Bitcoin has since recovered. An analyst observed significant trading activity, noting the resilience of key support levels. Speculating on short-term trends, they suggested Bitcoin could rally back to $63,500 if it establishes higher lows.
Looking ahead, several metrics suggest Bitcoin’s potential for further gains. Despite a year of high valuation, Bitcoin’s RSI plummeted post-Monday dip, a rarity not seen since it traded at $26,000 nearly a year ago.
Moreover, the Crypto Fear and Greed Index sharply declined this week to 30 points, its lowest since September last year when Bitcoin traded around $26,000. While recovering to 46, indicating continued investor caution, historically, such dips often spur buying opportunities, boosting demand and prices.
Beyond the crypto sphere, Bitcoin continues to gain endorsement from prominent tech and finance figures. Robert Kiyosaki advocates HODLing as a means to break free from the “employee” mindset, echoing sentiments shared by Michael Dell, founder of Dell Technologies and currently the world’s 14th richest individual.
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