Bitcoin recovers to near $48,000 as long-term investors look for value buying

Bitcoin rose to around $48,000 level on Monday as long-term investors went for value buying opportunities after the world’s oldest cryptocurrency dipped to below the $44,000 zone on selling by short-term investors during the weekend trading. The rise in the digital asset also came amidst the sharp recovery in global markets as US Treasury yields steadied.

Bitcoin moved in a wide range of $43,345.26-47,919.86 zone during the past 24 hours and was trading at $47,905.24, up by 5.3% at around 5.45pm IST, as per cryptocurrency tracker CoinGecko.

“Bitcoin price fell below the $50,000 price range to $44,000 last week. This is the highest price move downwards since March 2020. Short-term traders taking profits is just part of the reason. Signs point to bitcoin changing hands from short-term traders taking profits to long-term investors buying bargains.