After completing record ninth-straight weekly decline, Bitcoin price jumped by the most since early March

Bitcoin price posted a strong start to the week, rising to over $31,000. It jumps more than 7%, and some crypto market analysts are asking if the bottom is in. At the time of writing, BTC is changing hands at $31,536.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price jumps above $31,000

Bitcoin jumped more than 7% to about $31,500, its biggest gain since March 9. The sudden burst higher came as bitcoin had just completed a record nine-week losing streak that took the price down to around $29,400 from $37,600.

“Bitcoin rose back to $30.7k in Monday’s opening hours. Altcoins are also spiking at their highest pace in a couple weeks, and we’ll be watching to see whether trajectories continue up when prime trading hours & whale transactions pick up in 6-8 hours”, Santiment reported.


Elsewhere in the latest crypto rally, ether (ETH) jumped just over 8% to about $1,940. Cardano (ADA) was a standout among Ethereum alternatives, surging about 14% to about $0.54. Almost all major cryptocurrencies were in the green.

The overall cryptocurrency market cap stands at $1.305 trillion, and Bitcoin’s dominance rate is 46%.

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