The price of Bitcoin (BTC) has created a new yearly high on July 6 by rebounding to $31,500 after the cryptocurrency was recognized as an “international asset” by a notable figure in the financial market industry.

Bouncing off key support levels, the recent uptick in Bitcoin’s price can be attributed to the bullish hype which resulted after BlackRock CEO Larry Fink regarded BTC as a global asset as well as listed several advantages during a live interview. Yet, some analysts believe that traders must remain cautious for volatility.

Financial commentator Tedtalksmacro took to Twitter to warn that derivatives traders may experience short-term price fluctuations, characterizing the situation to have “predatory range vibes”. Others, however, are more optimistic on the matter and expect BTC to continue to bump higher.

Popular cryptocurrency trader John Wick believes that there is nothing to fear, and Bitcoin may continue to enjoy the prolonged bullish behavior before subsiding. Analytics-focused PlanC shared a similar view; it hopes that the current phase will be for the bulls:

“Bitcoin is battling to stay above the 2-Year EMA; historically, when it does, this is a bullish sign.”

Sources:

https://cointelegraph.com/news/bitcoin-hits-new-yearly-highs-btc-price-rebounds

https://twitter.com/tedtalksmacro/status/1676873862334537728

https://twitter.com/ZeroHedge_/status/1676613301105508352

https://twitter.com/TheRealPlanC/status/1676756616652234755