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 chart—the coin is still down 7.35% over the last seven days.
Elsewhere in the top-10 largest cryptocurrencies, Cardano/link 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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