The world’s most valuable digital token, according to market value, is set to hover above $ 30,000 on Monday after falling for seven consecutive weeks.
According to CoinDesk, the price of Bitcoin (Ticker: BTCUSD) has risen 2.61% to $ 30,310 in the last 24 hours.
(ETHUSD) currency linked to Ethereum blockchain network, also recovered on Monday, rose 3.4% to 0 2,053.14.
“If S&P goes down a bit more, it will create a final flush and a great buy opportunity for BTC,” said Mark Newton, head of technical strategy at Fundstrat. “There is a lot of bearishness, and we have to come to a time when you really want to buy it in the next few months.”
Crypto markets have struggled in recent weeks as investors flee the risky areas of global financial markets due to concerns over high inflation and rising interest rates.
Yueya Hasagawa, a crypto market analyst at the Japanese Bitcoin Exchange Bitbank, said the slow recovery of Bitcoin could be “temporary” considering what is on the market this week.
“The S&P 500 beer market closed just above the threshold last week, but another earnings miss from a major retailer could easily send the index into bear market territory, creating strong selling pressure in the short term,” Hasgawa wrote in an emailed comment on Monday.
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