The market ruptured, Bitcoin fell to $ 3,800

Bitcoin (BTC) has just recovered significantly when it soared nearly 20% in a day to break the $ 6,000 mark, but an analyst was still concerned.

In the latest update on his Twitter, famous trader Crypto Michaël said that the price of BTC could rise to about $ 6,200 – $ 6,400 before falling to $ 4,200. That scenario may occur before we see the bottom, he added.

“The market is bouncing up slightly, this also gives space for altcoins to have a relief rally. However, suppose we will witness a forced protest of up to $ 6,100- $ 6,400 for BTC, while providing space for altcoin. After that, I think it will retest $ 4,200- $ 4,400 before we can discuss a bottom. ”

Bitcoin recovered but traders remained cautious

Currently, a group of cryptocurrency communities is still cautious. After the collapse of 50% since the peak in February 2020, BTC traders and the investment community are apprehensive and most are cautious when considering.

However, amid fears, BTC seems to have broken out of the abyss of the bear market.

The king coin has skyrocketed to over $ 6,000 and it is important that the volume continues to rise higher.

Bitcoin 24 hour price chart. According to: CoinStats
Bitcoin 24 hour price chart. According to: CoinStats

According to the tracking tools, the trading volume of BTC increased nearly 20% at the end of the trading day to 32.3 billion USD.

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Tether (USDT) continues to print money

However, there seems to be some impetus behind the move to “print” more USDT from Tether. As Toiyeubitcoin reported, up to 180 USDT has been pumped into the market in the past 48 hours.

History has proved that there is a positive correlation between Bitcoin price action and USDT volume.

Because of this correlation, there have been many complaints about intentional market manipulation, and early last year, Tether Limited – the USDT stablecoin issuer, was summoned by the New York Attorney General's Office (NYAG). .

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According to CoinGape
Translated by ToiYeuBitcoin

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