Bitcoin Rebounds After Triggering ‘Key’ Support Amid Hopes of Recovery By

© Reuters. – Bitcoin rebounded from a wobble a day earlier as the popular crypto’s recent plunge appeared to attract buyers, raising hopes of a recovery.

rose 2.96% to $7,555.9 on the Bitfinex exchange from a low of $7,324.7.

Bitcoin had plunged to a low of $7,048 on the Bitfinex exchange earlier this week and some analysts said that the move triggered some “very key” support, opening the door to a possible recovery.

“We think Bitcoin is starting to bottom off some very key support around $7,000 and we think it’s going to start a recovery process here,” Robert Sluymer, head of technical strategy at Fundstrat Global Advisors, told CNBC’s “Futures Now” on Thursday.

Sluymer said bitcoin would have to sustain a rally above its next “hurdle” around the $7,800 price level, to validate the next phase of its recovery.

Sluymer’s comments were supported by signs of rising demand for cryptos as the total crypto market rose by more than $10 billion in a little over 24 hours.

The total market cap of cryptocurrencies rose to about $333 billion, at the time of writing, up from $319 billion Wednesday.

rose 5.15% to $0.61700 on the Poloniex exchange, while rose 5.22% to $580.01.

rose 2.71% to $1,001.60, while rose 2.12% to $119.15.

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