Bitcoin Rebounds From Lowest Level Since June

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The crypto market has gone through mayhem this year, with nearly $2 trillion wiped off its value since its peak in November. Bitcoin is nearly 60% lower from its all-time high of $68,990.90, which was hit in November.

A challenging environment has caused the sell-off for risk assets and crypto-specific issues, including collapsed projects and bankruptcies that have erupted across the industry.

Bitcoin has been trading within a tight range of between $18,000 to $24,000 since June. Luno’s Ayyar said that in forming a bottom, “bitcoin typically likes to go back and test previous lows to see if they hold as support.”

Meanwhile, Ethereum is expected to soar following the highly anticipated Ethereum merge this month.

“Ethereum hit yearly highs against the bitcoin pair in anticipation of the merge,” Ayyar said. ” Hence there has been a lot more interest and activity in the Altcoin space while Bitcoin consolidates.”