Bitcoin (BTC) recovered all of its losses from the month of June and reached almost a new high of $27,388 on Bitstamp. The rebound began the day before and continued as markets shook off initial nerves from US legal action against Binance and Coinbase.

The recovery was attributed to the 200-week moving average, an important support level that was lost for only a matter of hours. Former CEO of BitMEX, Arthur Hayes, remained unshaken in his faith in BTC price action moving to a better place and called on hodlers to wait for the full return of the Bitcoin bull market.