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Bitcoin (CCC:
BTC-USD) stumbled below $30,000 last week, many investors feared the worst. Certainly, the circumstances don’t bode well for cryptos in the near term. However, the volatility seems to have woken up the bulls. BTC traded around $33,000 heading into last weekend and is now priced at $38,000. Is this a new rally for the crypto market?
To be completely up front, nobody truly knows what’s going to happen with digital assets. At the same time, it’s important to put the recent rise in BTC and other cryptos in context. The bears likely smell blood in the water, so I wouldn’t let the big percentage move distract you from the wider narrative.