Bitcoin has more than halved the sharp drop in overnight trading as it moves back above $65,000 now.
Bitcoin (BTC/USD) hourly chart
It is up over 3% on the day currently after having arrested the drop at around the $60,000 mark as seen above.
If you want to stick by the traditional technical metrics, price has also moved back above its 100-hour moving average (red line) now. And that means the near-term bias has become more bullish.
The sudden and sharp plunge from $69,000 to $59,000 shows that price action is still very much volatile. But dip buyers are certainly making a stand and letting markets know that they are still staying convicted for now.
