Bitcoin jumped Monday evening, surpassing $57,000, as Wall Street bounced back from its worst week of 2024. The flagship cryptocurrency surged 5.6%, reaching $57,444, according to Coin Metrics. Last week, Bitcoin suffered a 9% decline, its steepest weekly drop since August 2023.
Thank you for reading this post, don't forget to subscribe!Coinbase and MicroStrategy shares also climbed by 5.2% and 9.2%, respectively, on Monday as the S&P 500 broke its four-day losing streak and the Nasdaq Composite gained more than 1%.
Despite this rally, analysts caution that Bitcoin remains range-bound and is sensitive to broader macroeconomic factors, lacking major catalysts. Bitcoin briefly dipped below $55,000 last week but rebounded. September is historically a weak month for the cryptocurrency, and analysts predict its performance will depend heavily on U.S. equity market stability.
Bitfinex analysts suggested in a Monday note that relief in equity markets could ease selling pressure on Bitcoin, fostering a recovery.
