May 30, 2022 08:30AM ET
By: AnalysisWatch
Bitcoin and the overall cryptocurrency market have suffered significant losses over the past few weeks. The major cryptocurrency was poised to extend its losing streak to a record nine weeks. However, that streak was interrupted late Sunday after bitcoin hit a seven-day high of $30,723.
Although bitcoin had corrected slightly to around $30,640 at the time of publication, it was up 5.5% in 24 hours, according to CoinMarketCap. The slight rally also failed to negate this month's losses, as Coinglass data shows that bitcoin is down 18.63% this month.
The big question on the lips of many traders is whether bitcoin is ready for a recovery.
The markets have long been ripe for a rally, Hayden Hughes, CEO of social media trading platform Alpha Impact, told Bloomberg. Bitcoin has just survived eight consecutive weeks in red territory and has become technically oversold to levels we traditionally only see at the bottom of bear markets.
Turning to the broader cryptocurrency market, much of the market on Monday morning is in green territory.
Ethereum, the second-largest cryptocurrency by market capitalisation, rose 5.79% in the last day and is currently trading at around $1,900, according to CoinMarketCap. However, Ethereum is still down 8.18% on the weekly chart.
Meanwhile, Cardano currently leads the list of the top 10 cryptocurrencies by market capitalisation. The digital asset is up 11.45%.
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