The most famous digital currency has recovered 38% of an overnight sell-off and remains on track to test the $12,000 test.
The cryptocurrency ran into offers above $11,700 yesterday and fell to $10,691.43 at 04:29 UTC.
BTC was last seen changing hands around $11,079, which is the 38.2% Fibonacci retracement of the 1,125-point drop that lasted from late American session to late Asian session.
The cryptocurrency is up at least 85% from lows seen on Feb. 6. Still, many in the investor community believes BTC is still in a bear market and the sharp rise from the lows below $6,000 is only a “corrective rally” inside the bigger downtrend.
The view has merit, given the cryptocurrency is still trading well below the descending trend line drawn from the Dec. 17 high and Jan. 6 high. However, short-term momentum studies favor upside in BTC prices.
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