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Bitcoin’s Weekend and Monday Recovery; Investors Prepare for a Downward Trend

Tyler Irvin

Summary: Bitcoin made a weekend and Monday push and is now valued at $30,236, an almost 1% increase in the last 24 hours, according to Bitpush Terminal data. On Friday, the king of crypto was below the $29,000 mark, but seemed to get some help from traditional markets being closed on the weekend, along with the ...

Bitcoin made a weekend and Monday push and is now valued at $30,236, an almost 1% increase in the last 24 hours, according to Bitpush Terminal data. On Friday, the king of crypto was below the $29,000 mark, but seemed to get some help from traditional markets being closed on the weekend, along with the markets slightly going up on Monday.

Here is a live look at Bitcoin’s price in the last seven days:

At the time of writing, the NASDAQ and Dow were up 0.88% and 1.89% respectively. Bitcoin’s percentage in the last 24 hours slides right between the NASDAQ and Dow Monday percentages. This has certainly been the trend in the last few months, Bitcoin and the crypto market in general have followed the trajectory of the stock market.

While the fear and greed index for Bitcoin remains at “extreme fear,” the number currently sits at a “10,” which is much lower than yesterday’s “14” and last month’s “24.”

In addition, Bitcoin advocate MMCrypto posted on Twitter Sunday that he believes Bitcoin is due for a breakout after a brief consolidation. He predicted that Bitcoin will breakout in the next 48 hours. While more than 24 hours have passed, he still has time for his prediction to strike true.

On the other hand, research firm Delphi noted that the put/call ratios for Bitcoin open interest hit a 12-month high Thursday, signaling a “bearish sentiment among investors,” reported by CoinDesk.

“The put/call ratio measures the amount of put buying relative to calls,” Delphi analysts explained in the note. “A high put/call ratio indicates that investors are speculating whether bitcoin will continue to sell off, or it could mean investors are hedging their portfolios against a downward move.”

Despite investors potentially preparing for a downward move, Bitcoin has received some good news Monday. Balenciaga, a luxury fashion house, announced they will start accepting Bitcoin in the U.S. In addition, Brazilian real estate company Gafisa is now accepting Bitcoin for purchasing apartments.

Lastly, Bitcoin enthusiast and MicroStrategy CEO, Michael Saylor quoted Citadel CEO Ken Griffin on his Twitter saying, “With more clarity in #crypto, you're going to see more of the Tier 1 firms able to provide liquidity, able to provide research, able to help enhance price discovery. That will help the market mature…”