Bitcoin (BTC) is recovering strongly! 🚀📈

Bitcoin has risen 15.6% since its low on Monday and added $7,600 in value. The recovery of BTC seems to be following the recovery trend of Japan's Nikkai 225 index. Is this a V-shaped recovery for both?

Nikkai on the road to recovery

The Nikkei 225 index, consisting of 225 leading companies on the Tokyo Stock Exchange (TSE), fell by 26% in 5 days but has since recovered by 12.4%. The cancellation of the Yen and Bitcoin interest rate differential trading, which is the only asset that can be sold at the end of the week, has had a severe impact on BTC, as traders aggressively sell to unwind their positions.

📊 Nikkai 225: The weekly price chart shows a large pullback to the horizontal support level and tests the uptrend line. The Japanese stock market may continue to recover, but caution is still needed in unwinding interest rate differentials.

Bitcoin superior

BTC has been affected by the weekend and Monday selloff, pushing the price below the confluence of the rising flag's low and the 0.618 Fibonacci. However, strong buying interest emerged at this low level. Bitcoin is now facing strong resistance at the $57,000 level. If it surpasses this level, a return to the flag's high may be within reach. If this is a complete V-shaped recovery, pay attention to the weekly, bi-weekly, and monthly stochastic RSI to monitor the potential strong momentum that could propel BTC beyond all-time highs.

⚠️ Disclaimer: This article only provides information and does not constitute legal, tax, investment, financial, or other advice.#BTC  #Bitcoin