Bitcoin has crossed the $62,000 mark for the first time since Aug. 3, and futures traders are scrambling to adjust their positions.
Bitcoin has reclaimed $62,000 just a few days after “Crypto Black Monday,” with traders pointing to a bullish pattern on the seven-day price chart, which signals Bitcoin may have hit its floor.
“Bitcoin is seeing a massive green weekly candle with a huge wick,” crypto trader Matthew Hyland said in an Aug. 8 analysis video as Bitcoin crossed $61,000.
“This is currently forming into a massive bull hammer on the weekly time frame,” he said, adding it is highly probable that the bottom is “now in for Bitcoin for this whole structure.”
