Well-known analyst il Capo of Crypto evaluated the cryptocurrency market in his statement following the slight recovery experienced today.
Bitcoin price has increased by about 6% in the last 24 hours following today’s developments and the mixed US PPI data, and is trading at $62,800 at the time of writing. After the sudden drop yesterday, the psychological $60,000 limit was broken and the BTC price dropped to $59,000.
Despite this, analyst il Capo continues to approach the situation with caution.
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According to il Capo, someone is currently dumping Ethereum heavily. The analyst said that this move may be happening in anticipation of a sell-off from the PlusToken development in China.
In addition, he said that the Silk Road Bitcoins seized by the US were a huge amount, at $4.37 billion, and mentioned that the obstacle to their sale had recently been lifted.
il Capo claimed that he did not trust this latest recovery wave and that it was probably a “dead cat bounce.” He also said that he continued the hedge position he opened.
*This is not investment advice.
Continue Reading: Il Capo Speaks After Bitcoin’s Recent Surge! Real or Temporary?
