By CCN: Within the past three days, since May 31, the bitcoin price has climbed from $8,000 to $8,800, demonstrating a strong sign of recovery in a 9.5 percent rally and pushing the rest of the crypto market to the upside.
On major regulated crypto asset exchanges like Bitstamp, the bitcoin price dropped to as low as $8,000 on last Friday, sparking fears of a potential decline below $7,000 in an anticipated pullback.
The bitcoin price has recovered by nearly 10 percent in the past three days in a poweful recovery (source: coinmarketcap.com)
The dominant crypto asset showed immediate recovery beyond $8,200, a support level many technical analysts have emphasized as crucial for the near-term sustainability of bitcoin.
Traders more comfortable with bitcoin following May 31 drop
Peter Brandt, best-selling author and well recognized technical analyst, has said that following the unexpected 12 percent drop of bitcoin on May 31, he has become more comfortable with the trend of the asset as it demonstrates stability.
— Peter Brandt (@PeterLBrandt) May 31, 2019
At the time, when the drop occurred, technical analysts such as John Bollinger, the inventor of Bollinger Bands, stated that whilst there is room for bitcoin establishing an important leg up in an upside, there exists a possibility that it drops 50 percent in a retracement.