The quick recovery to near $58,000 demonstrates stronger confidence from investors in the oldest and largest cryptocurrency.
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Bitcoin (BTC) trading around $57,626.86 as of 20:00 UTC (4 p.m. ET). Climbing 4.38% over the previous 24 hours.
Bitcoin’s 24-hour range: $54,826.06-$58,353.53 (CoinDesk 20)
BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.
Bitcoin proved resilient to the latest instability in traditional markets, as the No. 1 cryptocurrency by market capitalization rose above $58,000 briefly Monday, well above last week’s low around $50,000.
The divergence offers a reminder of how bitcoin, which traded lightly in sync with the Standard & Poor’s 500 Index of U.S. stocks for most of last year, is now more or less back to doing its own thing: The 90-day correlation between the two has dropped to zero.
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