Bitcoin appears to have robbed from recent sell-offs. It has strengthened to a two-week high over the past weekend, trading again above the $40,000 mark.
But the weekend didn’t start well for Bitcoin at all. After Friday’s disappointing data from the US labour market, Bitcoin first fade to bounce to growth within hours. Even just before midnight on Friday, its price had swung over $41k. So, against Friday’s weakest level, Bitcoin firmed by more than 13 per cent.
At its highest ever, bitcoin reached Central European time on Sunday afternoon on the past weekend, when it traded at around $42,100. Subsequently, it fell slightly, it reliably remained above the limit of $41 thousand.
The weekend rally for Bitcoin and other cryptocurrencies is evidence, according to experts, that the market has stabilized and demonstrated resilience to further declines. This led investors to open long positions on cryptocurrencies once again, as they assessed the risk of further downturn as low and acceptable respectively. Whether it will now take a breath to continued massive growth, breaking another psychological frontier, remains unclear and uncertain.
