Traders say Bitcoin presents the “best buying opportunity” after BTC’s price rebounds toward the $57,000 level.
Bitcoin (BTC) has had a bad start in August, falling over 14% month-to-date. This was fueled by a number of negative macroeconomic factors, including an interest rate hike in Japan, worsening United States employment data and geopolitical tensions in the Middle East.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin dropped to a seven-month low at $49,577 on Bitstamp after losing the key support provided by the 200-day EMA and the $50,000 level.
Bitcoin’s drop below $50,000 on Aug. 5 led to massive liquidations and more than $500 billion being wiped out of the crypto market.
