Bitcoin It bounced back Monday evening and passed $57,000 after Wall Street bounced back from its worst week of the year.
According to Coin Metrics, the price of the flagship cryptocurrency was last up 5.6% to $57,4449.00. Last week, bitcoin lost 9% for its worst weekly performance since August 2023.
Bitcoin’s performance over the past five days
In ordinary trade, Coinbase and MicroStrategy Monday rose 5.2% and 9.2% respectively. It rose like stocks S&P 500 snapped a four-day losing streak and Nasdaq Composite Gained more than 1%. Last week, the three major averages posted their worst weekly performance in 2024.
Bitcoin has been in a trading range for most of the year. Last week, it briefly fell below the $55,000 level. Analysts have warned that the cryptocurrency currently lacks major catalysts, and without them, prices will be sensitive to macro factors and continue to consolidate.
Seasonality is also a factor. Similar to other risky assets, September is a historically weak month for bitcoin.
“For bitcoin to experience some upside next week, it is important for US equity markets to find some stability or positive momentum, potentially leading to lower (crypto) ETF exits,” Bitfinex analysts said in a note on Monday. “This relief in equity markets could help ease the selling pressure on bitcoin, providing a favorable environment for a recovery.”
