Is Bitcoin Aiming For Price Recovery Amid Mounting SellOffs?

• Bitcoin price showed an upward movement of 7.34% in the last 24 hours. 
• The token recorded $289.32 million in 24-hour liquidations as per coinglass data.

The overall crypto market has suffered a significant price drop over the last few days. Similar to the beginning of July, leading cryptocurrencies fell to previous support levels. This bearish turn has led to the rise of various speculations, with analysts expecting further dips. The leading cryptocurrency, Bitcoin, showed a slight upward movement with a 7.34% price increase in the last 24 hours. 

Notably, Bitcoin, in the past few months, has initiated bullish and bearish cycles in its price activity. However, the token’s recent dip has been, as quoted by community members, one of the worst weeks except for the FTX collapse. The token recorded a 16.33% price drop in the last 7 days as per CMC reports. 

Bitcoin, at the beginning of the day, was trading at $53,824 following which it slid to an intra-day low of $49,121. However, as the day progressed, BTC price began showing upward movements rising to the $55K level. Notably, the token’s trading volume also hiked by 42.15%. At the time of writing, the token was trading at $55,893. 

Meanwhile, according to coinglass reports, Bitcoin has witnessed a 24-hour liquidation of $289.32 million. The high liquidations are further highlighted by the token’s RSI standing at 32.23. Amid the context of high selling pressures, this recent price recovery can be interpreted as the token’s attempt to combat bearish price movements. 

Meanwhile, several leading community members, such as JP Morgan have stated that a buy-the-dip season is approaching for the largest cryptocurrency. 

Bitcoin Price Weekly Overview 

At the beginning of the week, Bitcoin traded at a high of $66,987 after hiking from the July market crash. As the week progressed, the token witnessed slight dips but managed to maintain prices above $60K levels. However, over the weekend, the market crash occurred when BTC prices plummeted to $52K causing other altcoins to drop as well. 

BTC/USD Daily Price Chart (Source: TradingView)

Moreover, according to TradingView data, the token’s short-term 9-day MA stands below the long-term 21-day MA suggesting current bearish trends. Additionally, BTC’s monthly price performance shows a 4.88% decline fueled by the recent dip. 

Furthermore, despite the recent dip, MicroStrategy Chairman, Michael Saylor has advocated for the token by stating his intention to HODL Bitcoin. 

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