Bitcoin Recovers By 12% In The Last 72 Hours, Market Adds $11 Billion

In today’s Bitcoin news, we see the flagship cryptocurrency rising from $3,210 to $3,588 over the past three days – which is a surge of about 12% against the US dollar. At the same time frame, the cryptocurrency market has added $11 billion to its valuation and avoided a new drop below the $100 billion mark which could have been very critical for the short-term trend of the market and Bitcoin as well.

Major cryptocurrencies such as Ethereum (ETH) and Bitcoin Cash (BCH) managed to get back on their feet and rebound from low double digits. The technical indicators started showing extremely oversold conditions – but despite this – traders and analysts remain cautious towards the price trend of cryptocurrencies until major resistance levels are broken.

The $3,700 mark for Bitcoin means that a small bullish momentum is building up over the past few days. According to DonAlt who is a prominent cryptocurrency technical analyst, Bitcoin must remain in a tight range in the $3,000 region until it breaks out of it to engage in a major price movement.

“Another good day for BTC. That said it’s still nowhere close to turning bullish on the higher time frames. While the low timeframes look decent, BTC hasn’t even reclaimed the previous trading range. Until it does, no swing long trades,” the analyst said in a tweet.

Another analyst named Alex Kruger talked about the general losses of Ethereum and Bitcoin Cash this year,explaining:

“Performance from all-time-highs to date, for the main crypto assets: BTC -82%, XRP -86%, ETH -93%, BCH -95% (using Bitfinex’s data). These may all look equally bad. It is not so. The difference between -82% and -95% is a further 72% drop.”

Historically, the cryptocurrency market needs around 67 weeks on average to recover from a large correction and achieve new highs.