Bitcoin Finally Reclaims $30K As The Markets Turn Green

Bitcoin finally reclaims $30K as the markets turn green in a broad market recovery wave we can see more today in our latest Bitcoin news.

After a difficult month for the crypto markets, Bitcoin finally reclaims $30K as it was poised to extend the losing streak and record nine weeks but the scenario was avoided after the number one cryptocurrency jumped during the late hours to hit a seven-day high of $30,723. with a modest correction that helped BTC get down to $30,594, it is still up by 5.5% in the day according to the data from CoinMarketCap. Despite the latest positive sentiment, the data shows that Bitcoin is down 18.53% so far after a 17.3% loss in gains back in April so the question remains how the industry’s biggest asset can maintain momentum after the latest price action.

According to the reports by CoinShares, the collapse of the TerraUST stablecoin saw investors favoring BTC with 39% of the respondents saying the benchmark crypto has a compelling growth outlook. The CEO of the social media trading platform Alpha Impact Hayden Hughes added:

“Markets are long overdue for a relief rally. 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.”

The rest of the market is in the green with the new start of the week and Ethereum as the second biggest cryptocurrency is up by 6.6% in the past day while now trading above $1,900. This wasn’t enough to bring ETH into the green zone on the weekly chart and the coin is still down 7.35% in the past week. Of the rest of the top-10 biggest cryptocurrneices, ADA is the biggest gainer of the day with an 11.8% surge after SOL which is up 8.3% in the past day. Both ADA and SOL are in the red in the past week, one by 5% and the other by 12.4%.

As earlier reported, The market failed to recover in the past week, and on the contrary, it saw more losses. As it stands at the time of writing, Bitcoin is about to close a nine consecutive week close in the red. In the first for BTC, the price continues to drop for what seems likely to be the 9^th week in a row so there are a few hours left where things could take a turn in the opposite direction but judging from the past few days, it seems this is an unlikely scenario.