Bitcoin Climbs Back Above $59K, but Rally Could Be Short-Lived

Bitcoin rallied to over $59,000 early in the European morning, extending a recovery from below $54,000 at the start of the week. The rally could see BTC reclaim $60,000 but will be short-lived, Markus Thielen, founder of 10x Research, said. “The $55,000-$56,000 range is forming a base from a technical analysis perspective. However, given the medium-term technical damage, we anticipate no more than a short-term tactical bullish countertrend rally,” Thielen wrote on Tuesday. At the time of writing, bitcoin was trading at just under $58,500, an increase of 1.7% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index, rose about 1.65%.

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