The Bitcoin Price rallied quite a but with a rapid recovery of 15%. Traders could breathe a sigh of relief on Wednesday. The market seems to take a breath of fresh air and has stabilized at around $140 billion for the time being.
The day began with a Bitcoin price at approximately $3,770. By now, it recovered to about $4,330 which is still 23.6% above the bottom of the current year. A factor in today’s rise likely is the weak U.S. dollar. The Dollar also depreciated against the euro and the British pound. The rebound in the BTC price almost coincided with the losses of the US dollar.
Whether the bear market is finally over and we can start seeing reliable price increases again, is not yet clear. Some youtubers in the crypto niche are already speculating when the ideal entry price might be reached. On the other hand, they weigh whether it is just a bear trap shortly before a price drop to $3,000 or even lower.