Bitcoin (BTC-USD) has bounced back above $40K this morning after many analysts warned the crypto-market was teetering towards a prolonged bear cycle.
To support their pessimistic sentiment analysts pointed to the $400 billion slashed from the combined crypto market since early April.
However, today bitcoin bounced back to trade above the psychological $40,000 level, after the world’s preeminent cryptocurrency briefly touched a five-week low of around $38,547 early on Monday.
The price of bitcoin as of the time of writing at 9.00 am UK time sits at $40,765, up 4.4% in the last 24 hours.
Read more: Crypto exchange rates live
Bitcoin volatility has slightly dampened throughout the last two months trading at a reduced level from its former all-time-high in November of $68,000.
The largest cryptocurrency by market capitalisation has maintained a range of between approximately $36,000 and $48,000 for the last two months.
It is commonly believed that Ethereum usually follows the price of bitcoin, and today it reinforced this perception as the price of ether (ETH-USD) had reached a low of…
