Bitcoin recovered the $68,000 level, triggering buying in NEAR, APT, RNDR and MKR.
It was a wild week for Bitcoin (BTC), which rose to a new all-time high of $73,777 but then quickly gave back all its gains and dropped near $64,500. As of publication time, Bitcoin is on track to end the week down marginally by about 1% over the previous week’s close.
Analysts anticipate a shallow correction as they believe lower levels will attract solid buying from the spot Bitcoin exchange-traded fund investors. Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, said on X that the fall is a “Bear Trap.”
The strength in the rebound will give a better idea of whether the correction is over or not. A weak recovery indicates continued selling pressure from the bears. That increases the possibility of a deeper pullback. On the other hand, a strong bounce will indicate aggressive buying at lower levels and enhance the prospects of the resumption of the uptrend.
