Bitcoin Rebounds Above $57,000 as Wall Street Rally Lifts Crypto MarketBitcoin surged above $57,000 after Wall Street rebounded from its worst week of the year. The flagship cryptocurrency rose 5
Bitcoin Rebounds Above $57,000 as Wall Street Rally Lifts Crypto Market
Bitcoin surged above $57,000 after Wall Street rebounded from its worst week of the year. The flagship cryptocurrency rose 5.6% to $57,444.9, according to CoinMetrics. Last week, Bitcoin tumbled 9%, marking its worst weekly performance since August 2023.
The broader US stock market rally also provided a boost for cryptocurrencies. Related stocks joined the climb. Coinbase (COIN.US) and MicroStrategy (MSTR.US) rose 5.2% and 9.2%, respectively, on Monday. The S&P 500 index snapped a four-day losing streak, and the Nasdaq Composite gained over 1%; the three major indices had posted their worst weekly performance of 2024 last week.
Bitcoin has been trading in a range for most of the year. Last week, it briefly dipped below the roughly $55,000 range bottom. Analysts cautioned that currently, there is a lack of major upside catalysts for cryptocurrencies. Without a catalyst, prices could remain sensitive to macro factors and continue to consolidate. Seasonality is also a factor. September has historically been a weak month for Bitcoin, similar to other risk assets.
For Bitcoin to experience some gains in the coming week, the US stock market would need to find some stable or positive momentum, which could lead to reduced ETF outflows into (cryptocurrencies)," Bitfinex analysts wrote in a report on Monday. "A stock market reprieve could help alleviate selling pressure on Bitcoin and create a favorable environment for its recovery."
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