Bitcoin recovers back to $30,000 mark

Bitcoin recovers back to $30,000 mark


Bitcoin (BitfinexUSD) has recovered back to $30,000 after spending most of the weekend below this mark.


On Asian Monday morning, the largest cryptocurrency jumped 1.8% to $30,450. The move comes after Bitcoin fell for seven straight weeks, its longest losing streak since August 2011, according to data compiled by Bloomberg. Bitcoin's drop is similar to the seven-week drop of the S&P 500.


Fundstrat Global technical strategist Mark Newton said: “If the S&P falls further, that would make for an eventual drop and a great buying opportunity for Bitcoin. There's a lot of downside and we're getting close to where you really want to buy in the next few months."


Bitcoin has struggled in recent weeks as the Federal Reserve raised interest rates and inflation remains high, boosting the prospect of more monetary tightening. 

While the cryptocurrency has previously been seen as an anti-inflation tool, in recent months it has been shown to be highly correlated with risky assets such as companies. in the Nasdaq 100, which fell amid interest rate swings.

“Bitcoin is likely to fluctuate between $29,000 and $31,000 over the next few weeks,” said Noelle Acheson and Konrad Laesser of Genesis Global Trading. They added that some economic data releases, like US gross domestic product or inflation measures "could change the story".

Rick Bensignor, president of Bensignor Investment Strategies and a former Morgan Stanley strategist, uses the DeMark technical indicators - comparing the most recent minimum and maximum prices with the comparable price of the previous period to measure demand - to argue that Bitcoin is not going to surge any time soon.


“I still expect four more weeks of pressure,” he said in a note Monday. The May 12 low was around $25,425 and the rise from there kept support at $28,900, he said.
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