Bitcoin rebounds from worst week in more than a year, topping $57,000 | Wilnesh News

Bitcoin Shares surged above $57,000 late Monday as Wall Street rebounded from its worst week of the year.

The price of the flagship cryptocurrency recently rose 5.6% to $57,4449.00, according to Coin Metrics. Last week, Bitcoin plunged 9%, recording its worst weekly performance since August 2023.

In normal transactions, Coin library and micro strategy They rose 5.2% and 9.2% respectively on Monday. These stocks follow S&P 500 Index Breaking a four-day losing streak Nasdaq Index An increase of more than 1%. The three major stock indexes posted their worst weekly performance since 2024 last week.

Bitcoin has been range-bound for much of the year. Last week, it bottomed below around $55,000. Analysts warn that cryptocurrencies currently lack major catalysts and in the absence of catalysts, prices may become sensitive to macro factors and continue to consolidate.

Seasonality is also a factor. For Bitcoin, similar to other risk assets, September has been a historically weak month.

“For Bitcoin to experience some gains in the coming week, U.S. equities must find some stability or positive momentum, which could lead to reduced (crypto) ETF outflows,” Bitfinex analysts said in a report on Monday. “Relief from equities It may help ease selling pressure on Bitcoin and provide a favorable environment for recovery.”