[Analysis] "Bitcoin forms a 'higher low'…suggests potential for further gains"
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Summary
- Cryptocurrency analysis firm Matrixport said Bitcoin has formed a 'higher low' and has additional upside potential.
- It said Bitcoin fell as leveraged positions were liquidated amid recent prospects of a rate hike in Japan, but investor sentiment improved afterward due to global market stabilization and investment expansion by BoA, Vanguard.
- Bitcoin was trading at $93,000.59, up 6.91%, and showed a 6.01% increase compared with a week earlier.
Bitcoin (BTC) prices rose nearly 7% in a single day, and analysis suggests there is potential for further gains.
Cryptocurrency analysis firm Matrixport said on the 3rd (local time) via X, "Technically, Bitcoin has formed a 'higher low' and secured additional room to rise." Matrixport said, "Amid recent prospects of a rate hike in Japan, leveraged positions totaling about $1 billion were liquidated at once, causing Bitcoin to plunge more than 6%," adding, "crypto-related stocks such as Strategy fell as much as 12%, putting additional pressure on fragile investor sentiment."
Matrixport said, "(but) thereafter global markets began to stabilize, and Bank of America (BoA) allowed recommending Bitcoin up to 4% to asset management clients, leading Bitcoin prices to recover to the $90,000 range." It added, "Vanguard finally began offering Bitcoin investment exposure to clients, which also improved sentiment."
Meanwhile, as of 4:21 PM that day, Bitcoin was trading at $93,000.59 on CoinMarketCap, up 6.91% from the previous day. Compared with a week earlier, it had risen 6.01%.
