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Bitcoin Holds Steady Above $21K Amid Stock Gains
Ether is also up over the past 24 hours, although analysts warn that the crypto rally is unlikely to last.
By Jimmy He
Updated May 11, 2023, 3:21 p.m. Published Jun 21, 2022, 6:05 p.m.
Bitcoin is up about 22% since Saturday’s low of $17,593, hovering at about $21,500.
After a weekend where bitcoin saw $7.3 billion in realized losses, the largest cryptocurrency erased all weekend losses and was recently up nearly 7% in the last 24 hours to $21,206.
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“This recovery removes some of the extreme oversold nature of the cryptocurrency,” said Alex Kuptsikevich, a senior market analyst at FxPro. “Still, it will be too early to talk about a long-term reversal: All negative fundamentals remain. Until sharp monetary policy tightening becomes the norm, financial market pressures can quickly negate bounces in cryptocurrencies.”
Despite small recoveries in traditional markets following the Juneteenth holiday market closures on Monday, Craig Erlam, a senior market analyst for Oanda, advises against becoming too comfortable with market gains.
“Everyone is hunting for the bottom, but there’s a huge cloud of uncertainty over the outlook and the data isn’t yet showing any encouraging signs,” Erlam wrote in a newsletter. “Recession is increasingly becoming the base case, and so equities are vulnerable to further losses.
Tuttle Capital Management CEO and Chief Investment Officer Matthew Tuttle also noted bitcoin’s correlation to equity markets and said that “the stock market really stinks.”
“Stocks are in a bear market,” Tuttle said. “I can't imagine bitcoin getting back up to $60,000 while stocks are still being sold.”
The S&P 500 was recently up 2.61%, and the Nasdaq was up 2.5%.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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