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.
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.