After a Rough Weekend, Bitcoin Starts Climbing Back Up

Bitcoin (BTC) dropped over the weekend, losing 3.95% and falling down to the $60,000 (BTC/USD) level.

The token started to gain this morning, going bullish as the work week began. On Monday morning, Bitcoin was up 2.81%. It has not made back its losses from the past week, though, and it is now down 2.30% overall for the last seven days.

What we are seeing with this coin is a continuous pattern of ups and downs. The coin starts to recover and then quickly loses that progress, resulting in a net outcome that is mostly flat. Bitcoin has stayed low for the past few weeks where it should have been propelled upward by the halving event. Since that has not happened, many investors have lost faith in the cryptocurrency and are doubting if analyst predictions of $100,000 for Bitcoin by the end of the year are completely impossible now.

The Bright Spot

There is some good news for Bitcoin investors. We are seeing some metrics looking up right now that could indicate a short term upward trend. The trade volume for Bitcoin is up considerably today, having gained 77% over the last 24 hours. That surge of increased interest could result in a bullish movement for a short while.

We also have today’s upswing to lift the spirits of investors. This could be the start of a few days of bullish activity, or it could be much shorter lived than that.

What may give Bitcoin and the rest of the cryptocurrency market some upward momentum is the upcoming economic data for this week. The US PPI numbers will be out on Tuesday, and if they show positive progress, that could help boost the crypto market temporarily. Any kind of news that shows inflation decreasing will be helpful, and there are US CPI figures to come on Wednesday. The market may be timid until those numbers release, and then it will likely shift quickly as the data is absorbed.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

Related Articles

Standard Chartered Bank's $500,000 Bitcoin Price Target Before 2029

12 minutes ago

Save

Cardano Price Prediction: $0.75 Breakout and BTC Merge Fuel Rally

1 hour ago

Save

New Price Prediction for Rapidly Rising Bitcoin

20 hours ago

Save

Comments