**Bitcoin Bounces Back After "Crypto Black Monday"**

Bitcoin has surged past $62,000, just days after a sharp drop to $49,751, dubbed "Crypto Black Monday." Traders are optimistic, pointing to a bullish pattern on the weekly chart. Crypto analyst Matthew Hyland noted a "massive bull hammer," suggesting Bitcoin may have found its floor.

On Aug. 8, Bitcoin briefly hit $62,510 before settling around $61,068. This rebound has flipped market sentiment, with 52.48% of traders now holding long positions, according to CoinGlass.

Despite the optimism, some analysts, like Markus Thielen, believe Bitcoin could still dip to the low $40,000s before climbing to new highs.