In a surprising turn of events, Bitcoin BTC$70,385.26 is experiencing an upward trend during the U.S. trading hours, reaching $70,800 after dipping just above $68,000 earlier today.
The cryptocurrency has seen a 0.5% increase over the last 24 hours. Meanwhile, ether ETH$2,127.78 and $XRP $XRP $1.4449 and solanaSOL $87.45 are also showing gains of nearly 1.5% within the same period.
This Monday sees most risk assets in positive territory; the Nasdaq has risen by 1%, while the S&P 500 has gained 0.5%. Gold prices have increased by 1.9%, now at $5,075 per ounce; silver is up significantly by 7.4%, reaching $82.50 per ounce.
“What we are witnessing is arguably one of the weakest bear markets for Bitcoin in its history,” noted Gautam Chhugani from Bernstein as he reaffirmed their year-end price forecast for Bitcoin at $150,000.
“When conditions align perfectly,” Chhugani added further insights about community sentiment regarding Bitcoin’s stability amidst uncertainty: “No significant failures have occurred; no hidden issues will surface; yet media narratives seem to return to pessimism.”
“Time,” Chhugani remarked succinctly about Bitcoin’s cyclical nature.
Diving deeper into technical analysis, Jim Ferraioli from Schwab suggested that monitoring bitcoin miners can provide clues on market bottoms.
“Historically speaking,” Ferraioli explained, “previous downturns often bottom out around bitcoin’s production costs.” He pointed out that less efficient miners frequently halt operations temporarily during these times… This can be observed through mining difficulty adjustments — as more miners exit the network due to unfavorable conditions, mining difficulty decreases and once it begins to rise again could signal that we’ve hit rock bottom.”
Indeed CoinDesk recently reported that bitcoin mining difficulty saw its largest decline since 2021 as some miners capitulated under falling prices.
Cryto stocks see upward movement
The crypto platform Bullish (BLSH) is leading Monday’s rally with an impressive gain of **14..2%** . Other notable performers include Galaxy Digital (GLXY), which rose by **8 .2 %**, and Circle Financial (CRCL), climbing **5 .1 %** . Strategy (MSTR) recorded a **3 %** increase while Coinbase (COIN) edged up by **1 %** .
Bitcoin mining companies transitioning towards AI infrastructure are also enjoying substantial gains following Morgan Stanley’s favorable coverage initiation on TeraWulf (WULF) and Cipher Mining (CIFR)—both seeing increases around **14%** each.
Additionally , Hut8(HUT), IREN(IREN),and Bitfarms(BITF )are all approximately up by about **7%**.