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Bitcoin Price Briefly Revisits $40,000 as Bulls Pare Week's Losses
Bitcoin has rallied nearly 15% in the past 24 hours. Ether hits $1,200.
By Zack Voell
Updated Sep 14, 2021, 10:56 a.m. Published Jan 14, 2021, 3:52 p.m.
Bitcoin briefly broke above $40,000 again Thursday morning as the market reversed the bulk of its losses from Monday.
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- The leading cryptocurrency rose to $40,066.32 before settling back to $39,521.46, up 14.25% in the past 24 hours, per CoinDesk's Bitcoin Price Index (BPI).
- Over the weekend and into early Monday morning, bitcoin dipped nearly 30% from its peak just below $42,000. The move prompted CNN Business writer Paul La Monica to declare bitcoin in a bear market.
- With the downturn seemingly over, other cryptocurrencies are following bitcoin, with ether reclaiming $1,200, up 13%.
- Polkadot has gained 21% and litecoin is up 11% in the past 24 hours, per market data from Messari.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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