Bitcoin (BTC) quickly recovered its month-to-date losses on June 7 as volatility returned to favor bulls.

BTC price escaped losses from Binance and Coinbase events

Data from Cointelegraph Markets Pro and TradingView shows BTC/USD reaching $27,388 on Bitstamp — almost a new high for June.

The asset pair's recovery began the previous day, as the market put aside initial tensions from US legal action against Binance and Coinbase.

Bitcoin recovered and returned to its previous trading range centered just below $27,000.

“Bitcoin back to $27K. Great turnaround from 200-week MA. It is time to start a new uptrend for Bitcoin to rise to $38-42k,” Michaël van de Poppe, founder and CEO of trading company Eight, responded.

Van de Poppe referenced the 200-week moving average, which was a key support level at $26,400, which was broken in just a few hours.

A previous Twitter post called the BTC price correction “over,” reflecting similar sentiments from prominent traders.

Trader and analyst Rekt Capital confirmed: “Bitcoin has retested the 200-week MA - which now serves as support.

“The drop below the MA occurred but $BTC managed to hold above that level.”

Rekt Capital previously warned that a loss of the 200-week MA would inevitably take bitcoin below $20,000.

The Decentrader trading platform did its own analysis and found the reasons for the behavior of traders on the floor.

Commenting on the sub-$27,000 profit, analysts argued that the increase in long positions had restrained the market.

They also added: “We typically see a slight pullback until this issue is resolved.”

Meanwhile, an index that tracks funds, Material Indicators, has been tracking liquidity movements on Binance's order book, describing the events as a "stairway to heaven" as conditions improve. .

However, the index also marked the $27,400 mark as an important price milestone to overcome, which was also not recorded at the time of writing.

Hayes: Bitcoin is gradually overcoming the “wall of worry" - the state of experiencing negative factors and price increases

Arthur Hayes, former CEO of derivatives exchange BitMEX, also has an unwavering belief in BTC price action moving towards a more positive signal.

In ongoing reactions on social media, Hayes urged holders to wait for a full return to the bull market of Bitcoin.

Hayes commented on the recovery as follows, “We are climbing the wall of worry,” join me on the $BTC accelerator,”/.

“Even though there are still many difficulties, "the moon" will not be far away."

A day earlier, Hayes warned of “FUD” surrounding Binance, arguing that risk assets are reacting to larger macroeconomic issues that will be resolved.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making a decision.