Bitcoin and other cryptocurrencies rose on Monday, bouncing back to recent highs after a brief weekend selloff. With U.S. markets closed for Presidents Day, cryptos could get more attention from retail investors with a trading itch.
The price of
Bitcoin
rose 1% over the past 24 hours to above $52,300, rebounding after the largest digital asset dropped below $51,000 in a short-lived selloff over the weekend. Bitcoin remains up by more than 25% in the past month, with its recent peak—around $52,800—marking the highest levels since late 2021 as cryptos have marched upward since last summer.
“The growth momentum is clear and very strong,” said Alex Kuptsikevich, an analyst at broker FxPro. “Bitcoin is approaching $52,500, having quickly found buyers after Saturday’s drawdown. Monday starts with active buying, bringing the price back to the range highs of the last five days, which are the highs since November 2021. Technically, Bitcoin has no meaningful resistance levels until the area approaches $64,000.”
Multiple forces have helped push Bitcoin higher, including the U.S. approval last month of spot Bitcoin exchange-traded funds (ETFs), which crypto bulls hope will usher in a fresh wave of investor interest in digital assets.
Jubilation in the stock market—where the
Dow Jones Industrial Average
and
S&P 500
remain near all-time highs—has also helped, as investor sentiment for risk more broadly has improved.
Bitcoin’s so-called halving looms in the coming months as another support for prices, as the change to the token’s programmatic monetary policy is set to cut issuance and pressure supply.
More immediately, cryptos could see an uptick in attention on Monday. While U.S. markets are closed for Presidents Day, tokens continue to trade 24/7, and could attract a spurt of attention from retail investors in particular if they feel the urge to trade.
Beyond Bitcoin,
Ether
—the second-largest crypto—gained 3% to above $2,900. Smaller tokens or altcoins were more mixed, with
Cardano
down 1% but
Polygon
popping 7% higher. Memecoins were in the green, with
Dogecoin
advancing 3% and
Shiba Inu
1% higher.
Write to Jack Denton at [email protected]
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