Bitcoin rebounds 7% to $34,000 as debate rages over next direction

ra2studio/iStock via Getty Images Crypto shakeout or is the HODLer dam breaking? A more than 50% plunge in the price of Bitcoin (BTC-USD) since mid-April is having some in the cryptosphere panicking, while steadfast believers say the contraction is shaking out the "paper hands." The debate follows Bitcoin's wild ride on Tuesday, which began with a heavy drop below the $30,000 support level, before bouncing back in afternoon trade. At the time of writing, Bitcoin is still strongly in the green, up 7.4% overnight to $33,954. The bulls: "Bitcoin is in a very rough patch now, and the technical picture in the current term doesn't look great, but we also have to keep in mind that Bitcoin makes most of its gains over 10 days in a single year," said Tom Lee, Head of Research at Fundstrat Global Advisors. "The idea that it's below $30,000 now, doesn't rule out the