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Bitcoin bounces off 2-year low with 5% rally even as traders remain cautious after FTX collapse

From cnbc.com

Bitcoin jumped higher on Wednesday bouncing off the previous day’s two-year low, even as traders remain cautious over the possible contagion from the collapse of cryptocurrency exchange FTX. The world’s largest digital currency rose more than 5% to trade at $16,497.19 at around 3:34 a.m. ET. “We’re bouncing off a support level, which is quite expected, since we’ve been quite oversold over the past week or two,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC. “However, this move doesn’t indicate any bullishness yet ... We could be seeing a bearish bounce here, ... (full story)

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  • Category: Fundamental Analysis