- Crypto analysts cautioned that the recovery may be temporary and would depend on whether Bitcoin’s price can move above $70,000.
- Ethereum and Solana outperformed Bitcoin amid the cryptocurrency market’s recovery.
- The broader cryptocurrency market rose above $2.4 trillion.
Bitcoin (BTC) recovered from a low of $65,000 in the last 24 hours on Monday morning, but analysts believe the recovery may be only temporary before the apex cryptocurrency takes another dive.
Bitcoin’s price rose 1.4% in the last 24 hours to around $67,400, according to CoinGecko data. On Stocktwits, retail sentiment around BTC remained in ‘bearish’ territory amid ‘low’ chatter levels.
Bitcoin Rebound Faces Skepticism
According to crypto analyst Ted Pillows, Bitcoin’s price may reach $70,000 before being rejected and moving back lower. “Yes, we could hold here, but a crash in the coming weeks is more likely,” he wrote in a post on X.
Michael van de Poppe, founder and chief investment officer at MNFunds, said on X that if Bitcoin manages to break $71,000 then it may confirm an upward trend, but that largely depends on how macroeconomic events play out. If Bitcoin dips towards $65,000 again, it could be an even better setup for a stronger upward move.
Ethereum, Solana Lead Crypto Market Rebound
Among the top 10 cryptocurrencies by market capitalization, Ethereum (ETH) and Solana (SOL) led gains while Ripple’s XRP (XRP) and Binance Coin (BNB) underperformed Bitcoin.
Ethereum’s price rose 2.8% in the last 24 hours, capturing the $2,000 mark again. Retail sentiment on Stocktwits around the altcoin remained in ‘bearish’ territory over the past day, with chatter at ‘normal’ levels.
Meanwhile, Solana’s price rose around 2.3% in the last 24 hours to around $84. It also saw sentiment in ‘bearish’ territory over the past day, but retail chatter was at ‘high’ levels.
XRP’s price gained 1.2% in the last 24 hours and managed to climb back up to $1.35 – still far from the psychological support level of $1.50. Meanwhile, BNB’s price edged just 0.7% higher in the last 24 hours to around $617.
On Stocktwits, retail sentiment around both altcoins trended in ‘bearish’ territory over the past day, chatter around XRP was at ‘low’ levels, while BNB saw message volumes at ‘high’ levels.
The overall cryptocurrency market moved 1.2% higher in the last 24 hours, edging back over $2.4 trillion. CoinGlass data showed around $366 million liquidated over the past day, with $243 million in long positions being forced to unwind.
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