Bitcoin regains $30000 after weekend dip

After spending the majority of the weekend below $30,000, bitcoin has returned to around $30,000.

Monday morning in Asia, the largest cryptocurrency increased 1.8% to $30,450.

Bloomberg data shows this is the longest losing run since August 2011. This mirrored the S&P 500's seven-week drop.

Mark Newton, a Fundstrat Global technical strategist, said a further drop in the S&P would present a buying opportunity for Bitcoin.

Bitcoin has struggled as the Fed raises interest rates and inflation remains high, heightening monetary tightening prospects.

While the token was once regarded as a hedge against inflation, it's heavily associated with risk assets like Nasdaq 100 businesses, which have fallen during the shifting climate.

Genesis Global Trading's Noelle Acheson and Konrad Laesser predict bitcoin will be between $29,000 and $31,000 for the next two weeks.

Former Morgan Stanley strategist Rick Bensignor, president of Bensignor Investment Strategies, uses DeMark technical indicators to claim Bitcoin won't break higher soon.

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