Bitcoin Explodes Past $37,500 Amid Rapid Recovery

Bitcoin Explodes Past $37,500 Amid Rapid Recovery

Bitcoin plunged as low as $34,500 on top spot exchanges last hour as selling pressure picked up ahead of the weekly close. The cryptocurrency fell as low as $35,000 on futures exchanges as well, though spot sellers were leading the correction.

While some began to fear that a deeper correction was in store, buyers stepped in at key technical levels.

The cryptocurrency has since bounced to $38,000 as of this article’s writing.

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A crypto-asset analyst shared the chart seen below in the wake of the bounce, noting how Bitcoin held key technical levels during the drop. The chart shows that Bitcoin’s BitMEX market maintained the $35,000 support, along with a number of other moving averages that have held quite well over the past few weeks.

Chart of BTC’s price action over the past two weeks from crypto-asset analyst "Edward Morra". Chart from Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment High Funding Rates

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