Bitcoin recovers above $30,000 after recording longest losing streak

Key Takeaways:

  • Bitcoin jumped to an intraday high of over $30,500, ending recent bearish run.
  • Bitcoin will maintain increase, heading for 32,000, says expert.
  • The global cryptocurrency market cap is currently at $1.37 trillion.
Bitcoin
Bitcoin rose as much as 2.7% to trade at $30,371 today.

LAGOS (CoinChapter.com) — Bitcoin, the largest cryptocurrency recovered above $30,000 on Monday after trading in the negative for seven straight weeks.

In detail, Bitcoin rose as much as 2.7% to trade at $30,371, indicating an end to the recent bearish trend. Notably, the largest crypto has recently dropped to a 2022 low, resulting in its longest losing streak since August 2011.

Bitcoin, Bitcoin recovers above $30,000 after recording longest losing streak
BTC/USDT daily price chart. Source: TradingView

Bitcoin’s struggle was heightened by the Federal Reserve’s hikes in interest rates as inflation persists, deepening prospects for monetary tightening. TerraUSD recent collapse also intensified the latter struggle to recover.

Data from TradingView indicated that Bitcoin jumped to an intraday high ending weeks of decline. Furthermore, Bitcoin market cap has also increased to about $580 billion after it overcame the $30,000 benchmark.

Interestingly, despite the day’s rally Bitcoin is still down by over 30% in the last month. Also, the token ending the week at the $30,000 level marks its eighth consecutive weekly close in the red.

Experts Express Mixed Reactions Toward Bitcoin Surge

Meanwhile, several experts have expressed mixed reactions towards the largest crypto surge today. Mark Newton, Fundstrat Global technical strategist, advised investors to capitalize on Bitcoin’s current price.

Newton described the present price of the largest cryptocurrency as a great buying opportunity for investors. He said:

“There’s a lot of bearishness, and we should be approaching a time when you really want to buy into that in the next couple of months.”

However, Rick Bensignor president of Bensignor Investment Strategies, predicts that the bearish trend isn’t over. He noted that Bitcoin would not register any major increase anytime soon.

“I’d still expect another four weeks of heaviness. The May 12 low around $25,425 and the bounce from that keeps support intact at $28,900.”

Bensignor said.

On the other hand, Michael Van De Poppe expressed delight with the day rally of the top token. He maintained that the largest cryptocurrency by market cap will sustain this increase and head for 32,000. He said:

“Would be pleased to see #Bitcoin sustain above $30K to avoid another sharp drop. If that sustains, I’m assuming we’ll continue the grind and might end up at $32.8K.”

Ether, Altcoins Rally

Additionally, most altcoins on the day were also well in the green, with Ethereum back above $2,000.

Bitcoin, Bitcoin recovers above $30,000 after recording longest losing streak
Heatmap of the entire cryptocurrency market. Source: Coin360

Ether, the second-largest cryptocurrency was up by more than 2% and trading at $2,075. The token currently has a market cap of more than $250 billion with a 24-hour trading volume of $11.3 billion.

Binance Coin (BNB) was also charting a new two-week high rallying by more than 4% on the day. BNB at press time was trading well above the $300 benchmark. Solana, Avalanche, Near Protocol, Tron, Dogecoin, Shiba Inu, among other tokens also recorded impressive growth.

Remarkably, the entire crypto market cap rallied by almost 2% adding over $50 billion in a day. The total metric of the global cryptocurrency market is now above $1.3 trillion.

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Bitcoin, Bitcoin recovers above $30,000 after recording longest losing streak

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