fbpx

Bitcoin Recovers to $30,000 Area After Shedding Weekend Weakness

Soegeefx AppsCrypto MarketBitcoin Recovers to $30,000 Area After Shedding Weekend Weakness

Bitcoin recovered to around $30,000 after spending most of the weekend below that level.

The largest cryptocurrency rose as much as 1.8% to $30,450 on Monday morning in Asia. That’s after it fell for seven straight weeks, the longest losing streak since August 2011, according to data compiled by Bloomberg. That echoed the seven-week decline in the S&P 500.

Bitcoin recovered to around $30,000 after spending most of the weekend below that level.

The largest cryptocurrency rose as much as 1.8% to $30,450 on Monday morning in Asia. That’s after it fell for seven straight weeks, the longest losing streak since August 2011, according to data compiled by Bloomberg. That echoed the seven-week decline in the S&P 500.

“Bitcoin is likely to hover around $29,000 to $31,000 for the next couple of weeks,” said Noelle Acheson and Konrad Laesser of Genesis Global Trading in a note Friday. They added that some economic-data releases, like US gross domestic product or inflation measures, “could change the narrative.”

Rick Bensignor, president of Bensignor Investment Strategies and a former Morgan Stanley strategists, uses DeMark technical indicators — which compare the most recent maximum and minimum prices to the previous period’s equivalent price to measure demand — to argue Bitcoin likely won’t break higher anytime soon.

“I’d still expect another four weeks of heaviness,” he said in a note Monday. The May 12 low around $25,425 and the bounce from that keeps support intact at $28,900, he said.

Source: Bloomberg

You might also like

Comments are closed.