Bitcoin Reclaims $30,000 Level as Crypto Market Turns Green

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After a tumul­tuous month for the cryp­to mar­kets, Bit­coin (BTC) was poised to extend its los­ing streak to a record nine weeks. How­ev­er, that sce­nario has been nar­row­ly avoid­ed after the lead­ing cryp­tocur­ren­cy jumped in the late hours on Sun­day to hit a sev­en-day high of $30,723.

Though a mod­est cor­rec­tion brought Bit­coin down to $30,594 by press time, it is still up 5.5% on the last day, accord­ing to Coin­Mar­ket­Cap.

Despite the lat­est pos­i­tive sen­ti­ment, data from Coin­glass shows that Bit­coin is down 18.63% so far this month, fol­low­ing a 17.3% loss in gains in April.

The major ques­tion now is whether the indus­try’s largest asset can main­tain its momen­tum after the lat­est price action.

Accord­ing to a recent report by Coin­Shares, the recent col­lapse of the Ter­raUST sta­ble­coin has seen investors favor­ing Bit­coin, with as many as 39% of respon­dents say­ing the bench­mark cryp­tocur­ren­cy has the most com­pelling growth outlook.

“Mar­kets are long over­due for a relief ral­ly,” Hay­den Hugh­es, CEO of social media trad­ing plat­form Alpha Impact, told Bloomberg. “Bit­coin just went through eight con­sec­u­tive weeks in red ter­ri­to­ry and got tech­ni­cal­ly over­sold to lev­els we tra­di­tion­al­ly only see at the bot­tom of bear markets.”

Bitcoin’s pull on the market

The rest of the mar­ket is most­ly in green on Mon­day morn­ing too.

Ethereum (ETH), the sec­ond-largest cryp­tocur­ren­cy by mar­ket cap, is up 6.6% in the past day and is cur­rent­ly trad­ing slight­ly above $1,900, per Coin­Mar­ket­Cap.

This was not enough to bring ETH into the green zone on a week­ly chartthe coin is still down 7.35% over the last sev­en days.

Else­where in the top-10 largest cryp­tocur­ren­cies, Car­dano (ADA) is the biggest gain­er of the day with an 11.8% surge, fol­lowed by Solana (SOL), which is up 8.3% in the past 24 hours.

Sim­i­lar to Ethereum, both ADA and SOL are in the red in the past week though, down 5% and 12.4%, respectively.

Dis­claimer

The views and opin­ions expressed by the author are for infor­ma­tion­al pur­pos­es only and do not con­sti­tute finan­cial, invest­ment, or oth­er advice.

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