steadied on Monday to hover above $30,000 after the world’s most valuable digital token, by market value, had dropped for seven straight weeks. The price of Bitcoin (ticker: BTCUSD) rose 2.61% over the past 24 hours to $30,310 according to CoinDesk. “If the S&P falls some more, that should create one final flush and a great buying opportunity for BTC,” Mark Newton, head of technical strategy at FundStrat said.
Crypto markets have struggled in recent weeks as concerns over high inflation and rising interest rates sent investors fleeing from the risky areas of global financial markets.
Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, said Bitcoin’s slow recovery could “well be temporary” considering what is in store for the market this week.
“S&P 500 closed just above bear market threshold last week, but another earning miss by a major retailer could easily send the index into bear market territory, which in turn could generate a strong selling pressure in the short term,” Hasegawa wrote in emailed comments on Monday.