Bitcoin price led the crypto market to its third straight day of recovery from a “Black Friday” sell-off amid diminishing fears

Bitcoin price was in recovery mode on Monday as bearish sentiment waned. The cryptocurrency has gained about 6% in the past 24 hours compared to ETH’s 7% gain over the same period. All in all, some traders are looking to buy when prices drop due to seasonal strength at the end of the year. At the time of writing, BTC is changing hands at $57,403.

bitcoin-price-led-the-crypto-market-to-its-third-straight-day-of-recovery-from-a-black-friday-sell-off-amid-diminishing-fears

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price rebound continues into the third day amid lessening Omicron fears

Bitcoin led the crypto market to its third straight day of gains, after a steep drop by more than 8% on “Black Friday.” The No. 1 cryptocurrency by market capitalization rose to nearly $59,000 on Monday before it sank toward the $58,000 level again. But Bitcoin’s trading volume was much lower compared with last Monday across major centralized exchanges.

“Bitcoin’s supply on exchanges is remaining low and doesn’t appear to be in any danger of having a major sell-off risk. As long as BTC continues its pattern of moving more and more into cold wallets, this is a great sign that prices will be sustained”, Santiment stated.

bitcoin-price-led-the-crypto-market-to-its-third-straight-day-of-recovery-from-a-black-friday-sell-off-amid-diminishing-fears

Source: Santiment

Bitcoin is holding support above its 100-day moving average. Currently around $54,200, as last week’s sell-off stabilizes. The cryptocurrency was trading around $58,000 at press time and could face initial resistance at $60,000-$63,000.

Price momentum is starting to recover on the daily chart, suggesting buyers could remain active into the Asia trading day. Additionally, the daily chart’s relative strength index (RSI) is near oversold levels, similar to what occurred in late September, which preceded a price rally.

For now, buyers will need to clear resistance to yield further upside targets. Longer-term indicators have shifted neutral as buyers failed to sustain an all-time high near $69,000 over the past month.

Most digital assets in the market ended the day higher.

The overall cryptocurrency market cap now stands at $2.608 trillion, and Bitcoin’s Dominance rate is 41.6%.

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