Bitcoin is retreating after hitting its highest levels since mid-June on Saturday amid optimism about a market recovery.
The largest crypto fell as much as 2.4% to $23,247 on Monday, after hitting $24,658 on Saturday, its highest since June 13. rise in July made it its best month since October. Ether also fell after a big 70% jump last month, its best month since January 2021.
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However, it is “leaning toward a repeat of July’s resilience versus June’s capitulation” after “Bitcoin absorbed last week’s macro punch” of the Federal Reserve and data showing the United States contracted for a second straight quarter.
Bitcoin had fallen below $20,000 in late June and July amid concerns about interest rate hikes and inflation, as well as internal problems in crypto, such as the collapse of the Terra/Luna ecosystem and the Three Arrows Capital hedge fund .
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It is still a long way from reaching record high of around $69,000 , but it has begun to show some strength in the face of challenging economic indicators and tighter monetary policy.
“Crypto’s bad days may be over and this is what is needed to allow flows back into the space,” Edward Moya, senior market analyst at Oanda, said in a note on Friday.
Source: bloomberg.com
