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Bitcoin Recovers to $58,000, Starting New Week with a Bang

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Mon, 11/29/2021 - 06:07
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Alex Dovbnya
Bitcoin has regained composure after the Friday carnage
Bitcoin Recovers to $58,000, Starting New Week with a Bang
Cover image via stock.adobe.com

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Bitcoin has managed to pull off an impressive comeback, recovering to the $58,000 level earlier today. 

The largest cryptocurrency has given up some of its gains, and it’s currently flatlining at $57,361.

BTC
Image by tradingview.com

On Nov. 26, the crypto king plunged more than 9% amid concerns that the pandemic may worsen due to the new Omicron variant.

On Sunday, however, Bitcoin soared over 7%, putting the bulls back in the driver’s seat and invalidating bearish scenarios.

The bellwether crypto would need to gain another 6% in order to avoid printing a red monthly candle this November.

Bitcoin is also -17.03% away from reclaiming its all-time high of $69,044 that was reached on Nov. 10.

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An across-the-board relief rally

The largest cryptocurrency has bounced back together with other major markets. U.S. stock futures are currently in rally mode, with the S&P 500 index being on track to add 0.69%.

Oil has also staged a recovery after the WTI price recorded the biggest one-day drop since it went negative in April 2020.

Spot gold shed $10 at open, but then bulls managed to gain some ground.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.