- Bitcoin analyst James Check said bearish traders are now facing mounting pressure as the cryptocurrency continues its rapid recovery.
- Bitcoin moved back above $75,000 in late U.S. trading Thursday, reclaiming the level for the first time since the end of May.
- BTC was recently trading near $75,400, marking an 8% gain over 24 hours. Ether climbed 4.8% to around $2,376, while XRP surged 16% to $1.29, leading gains among the major tokens.
- Check said Bitcoin’s market cycle had already experienced two distinct forms of capitulation, with heavy price-based selling in February followed by a prolonged period of time-based capitulation in June. He now sees bears coming under increasing strain as prices rebound.
- On a seven-day basis, Bitcoin has risen roughly 19%, Ether has gained 25%, and XRP has climbed 28%.
BTC Surpasses $75K as Bitcoin’s Recovery Gains Strength
