Bitcoin and other cryptocurrencies experienced a rise on Monday, bouncing back to recent highs following a brief weekend selloff. With U.S. markets closed for Presidents Day, cryptos are anticipated to garner more attention from retail investors seeking trading opportunities.

Bitcoin Price Rebounds

The price of Bitcoin surged by 1% over the past 24 hours, climbing above $52,300. This rebound comes after the largest digital asset briefly dipped below $51,000 during the weekend selloff. Despite this dip, Bitcoin remains up by over 25% in the past month. The recent peak of around $52,800 represents the highest levels seen since late 2021, showcasing the steady upward trajectory of cryptos since last summer.

Analyst Alex Kuptsikevich from broker FxPro commented, “The growth momentum is clear and very strong. Bitcoin is approaching $52,500, quickly finding buyers after Saturday's drawdown. Monday kicks off with active buying, pushing the price back to the range highs of the last five days, which are the highest levels observed since November 2021. Technically, Bitcoin faces minimal resistance levels until nearing the $64,000 range.”

Factors Driving Bitcoin's Surge

Various factors have contributed to the upward movement of Bitcoin, including the U.S. approval last month of spot Bitcoin exchange-traded funds (ETFs). Crypto enthusiasts are hopeful that this move will spark a new wave of investor interest in digital assets. Additionally, positive sentiment in the stock market, with indices like the Dow Jones Industrial Average and S&P 500 hovering near all-time highs, has bolstered investor confidence and risk appetite.

Outlook and Immediate Developments

The upcoming halving event for Bitcoin in the coming months is expected to further support prices, as changes to the token's monetary policy will reduce issuance and impact supply dynamics. In the immediate future, cryptocurrencies may witness increased attention on Monday due to continued trading activity despite U.S. markets being closed for Presidents Day. Retail investors, in particular, may show heightened interest in trading opportunities.

Other Cryptocurrencies' Performance

Apart from Bitcoin, Ether—the second-largest cryptocurrency—saw a 3% increase, surpassing $2,900. Smaller tokens or altcoins displayed mixed results, with Cardano experiencing a 1% decrease while Polygon surged by 7%. Memecoins also fared well, with Dogecoin advancing by 3% and Shiba Inu recording a 1% increase.

Air New Zealand Challenges

Mobico Group Faces Share Dip

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts