Bitcoin and the general crypto market have recorded significant losses over the past few weeks. The flagship cryptocurrency was poised to extend its losing streak to a record nine weeks. However, this was narrowly broken in the late hours of Sunday after Bitcoin jumped to a seven-day high of $30,723.
Although Bitcoin had corrected slightly to around $30,640 as of press time, it was still up by 5.5% on a 24-hour window, according to CoinMarketCap. The slight rally has also done little to erase this month’s losses as data from Coinglass shows that Bitcoin is down by 18.63% this month.
The major question on the lips of many traders is whether Bitcoin is primed for recovery.
"Markets are long overdue for a relief rally," the CEO of social media trading platform Alpha Impact, Hayden Hughes, told Bloomberg. "Bitcoin just went through eight consecutive weeks in red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets."
Moving to the broader crypto market, a significant portion of the market is in green on Monday morning. Ethereum, the second-largest cryptocurrency by market cap, is up by 5.79% over the past day and is currently trading at around $1,900, per CoinMarketCap data. However, Ethereum is still down by 8.18% on a weekly chart.
Meanwhile, Cardano is currently leading the pack as the biggest gainer for the day on a list of top-10 cryptocurrencies by market cap. The digital asset saw an 11.45% gain.