Bitcoin price in recovery mode at over $8,000

Posted Feb 8, 2018 by Ken Hanly
The number one cryptocoin, bitcoin is in recovery mode today after bottoming out the other day below the six thousand mark.
Technical charts reflect a bull case scenario according to Coindesk.
Yesterday bitcoin (BTC) hit a high of $8,650 before retreating to $7,355. However this morning BTC is back up well over $8,000. On Tuesday bitcoin bottomed out of its recent crash at just below six thousand as reported in a recent DIgital Journal article.
The bitcoin price recovery
Coinbase lists the price of BTC at 17:15 UTC at around $8,124 up 8.7 pecent from its opening of $7,561.
The positive price recovery may be partly caused by the conciliatory tone reflected by US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission at a Senate hearing on Tuesday. Both members of Congress and the SEC expressed optimism about the potential of blockchain technology.
Coindesk argues that bitcoin's high yesterday of $8,650 could be tested and BTH could move back towards the $9,000 mark. However a drop in volumes brings that view into question.
Coindesk predicts: "A daily close (as per UTC) above the 10-day MA would validate the argument that BTC has bottomed out at $5,873 (Feb. 6 low). Bearish scenario: Failure to hold above trendline (1) followed by a drop below $7,535 could yield re-test of the recent low of $5,873."
In just 24 hours, BTC recovered 26 percent and are up 38 percent from the Tuesday low of $5,947,40.
Cryptocurrencies are in recovery mode
Most cryptocurrencies are trading up now after many suffered huge losses over the last week. In a 24 hour period the market capitalization of all cryptocoins has increased by 25 percent reaching $352 billion according to data provided by CoinMarketCap.
This is still a huge drop from the record $830 billion set just in January. The top ten cryptocoins showed double digit gains in the last 24 hours.
For some coins such as NEO there has been an appreciation of 50 percent in the last 24 hours but over the week it is still down more than 30 percent.