Amid rising stablecoin inflow, cautious traders fear a dead cat bounce
Cointelegraph
Published May 25, 2021 06:32PM ET
Updated May 26, 2021 09:00PM ET
The recent extreme volatility in the cryptocurrency market following Bitcoin’s (BTC) dip to $30,000 and the recovery to $38,000 has traders confused about whether the current price action is a ‘dead cat bounce’ which will see token prices head lower or a solid reversal that will set the floor for the next leg higher for the market.
While BTC price still remains more than 40% below its all-time high of $64,863, bulls have managed to weather multiple attempts to significantly break below support at $36,000.
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Written By: Cointelegraph
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