Bitcoin is back to its standard trading zone, although the BTC price is yet to reestablish itself above the $27,000 landmark.

Bitcoin BTC, priced at $26,632, has expediently rectified its losses accumulated over the month on June 7, with an erratic market that ultimately played in the favor of the bulls.

BTC Value Rebounds Following Binance, Coinbase Dip

Cointelegraph Markets Pro and TradingView’s data reflected BTC/USD reaching $27,388 on Bitstamp – very close to a new high for June.

The currency pair continued to recover from the previous day’s slump, demonstrating resilience against initial market jitters triggered by the legal proceedings against Binance and Coinbase by the United States Securities and Exchange Commission (SEC).

In this process, Bitcoin managed to regain its lost territory, going back to its familiar trading zone just shy of the $27,000 benchmark.

Michaël van de Poppe, founder and CEO of trading firm Eight, responded, “We’re back to $27K. The 200-Week MA saw a good bounce. We’re all set for a new uptrend to $38-42K in Bitcoin.”

Van de Poppe’s comment pointed to the 200-week moving average (MA), a critical support level that dipped to $26,400 only momentarily.

Earlier, a tweet from him declared the BTC price correction was “over,” a sentiment echoed by other traders.

“Bitcoin has successfully tested the 200-week MA as support,” stated trader and analyst Rekt Capital.

While Rekt Capital acknowledged some downside wicking beneath the MA, he confirmed that “$BTC has managed to hold above it.”

Earlier, Rekt Capital had raised a red flag that a solid drop below the 200-week MA could push the market toward a $20,000 level.

Exchange Trader Behavior Induces Optimism

DecenTrader’s analysis of the bounce inspired confidence, especially looking at the behavior of exchange traders.

Analyzing the subsequent retreat below the $27,000 mark, experts believed that it was the increase in long positions that was keeping the market in check.

“We usually see a slight pullback until this situation stabilizes,” they added.

Meanwhile, resource Material Indicators tracked liquidity shifts on the Binance order book, describing it as a “stairway to heaven” as the situation got better.

However, it flagged the $27,400 mark as a crucial barrier to overcome, something that hadn’t been achieved at the time of writing.

Hayes: BTC has Climbed the “Wall of Worry”

Arthur Hayes, former CEO of derivatives exchange BitMEX, remained unwavering in his belief that BTC price movement is headed in the right direction.

As a part of his ongoing social media commentary, Hayes encouraged Bitcoin holders to stay patient for the complete resurgence of the Bitcoin bull market.

“We are climbing the wall of worry; join me on the $BTC bull market bus,” he commented on the rebound.

“While we’re still on struggle street, the moon is not that far away.”

Earlier, Hayes had warned about “FUD” around Binance, suggesting that risk assets were responding to broader macroeconomic issues, which would eventually be resolved.

The recent rebound showcases the resilience of Bitcoin in the face of regulatory uncertainty. The fact that the BTC price did not dip below the critical support level of the 200-week MA, despite initial worries, signals investor confidence in the long-term value of the cryptocurrency.

While the SEC’s actions against major crypto exchanges have raised concerns, Bitcoin’s swift recovery shows the robustness of the market. However, the crypto market continues to be highly volatile and speculative, and investors need to exercise caution.

Hayes’ positive outlook for Bitcoin is echoed by other industry insiders, though it’s important to note that the journey to greater heights will likely see more turbulence, given the nature of the crypto market. As always, a diversified investment strategy is recommended.