Has Bitcoin (BTC) Formed The Bottom and Ready To Move Up?

The cryptocurrency sector went into a meltdown yesterday as a massive selloff in Bitcoin led to the world’s biggest cryptocurrency crashing by as much as 30% over a period of 24 hours.

Within a short period, Bitcoin went from $43602 a token to a low of $31926 a token. However, at the same time, it should be noted that in the world of crypto swift recoveries can also take place.

It was one of the biggest bloodbaths in recent times but eventually, Bitcoin did recover and hit $38136 per token. It is now going to be interesting to see if the cryptocurrency can continue to maintain these levels over the course of the day today. A tweet from the founder of Tesla Elon Musk regarding the discontinuation of Bitcoin payments at the company citing environmental concerns had been a major trigger for the collapse. Investors and traders could consider keeping an eye on Bitcoin price action today.