The bitcoin price has bounced back above $66,000 in the past 24 hours after the big weekend dip to ~$61,300. What do the analysts say?

Bitcoin and crypto recovers

The crypto coins showed a small recovery on Monday after the weekend dip caused by rising tensions in the Middle East. At the time of writing, Bitcoin is back above $66,000, almost $5,000 higher than its low last weekend. Top 20 cryptocurrencies also show recovery. The total market capitalization of the crypto market has increased by more than 4% in the past 24 hours.

Among the top 10 cryptocurrencies, Solana (SOL) leads with an increase of 7.9%, closely followed by Ethereum (ETH), the second largest cryptocurrency, with an increase of 7.2%, and Toncoin (TON) , with an increase of 6.8% at the time of writing.

The crypto market’s weekend collapse came amid broader market dislocations as tensions escalated in the Middle East between Iran and Israel. Investors fled to safe assets like gold, while more volatile assets like crypto fell.

The spot price of gold peaked at a yearly high of $2,443 an ounce on Friday, according to data from Yahoo! Finance. Iran’s attack on Israel took place on April 13, with almost all of the 300 drones and missiles launched by Iran intercepted by the Israeli military.

Following the attacks, the broader market appears to have shaken off fears of a broader escalation. That’s because Iran considers the issue “settled” and US President Joe Biden is urging Israel to exercise restraint. Oil prices fell on Monday after hitting their highest level since October on Friday in anticipation of the Iranian attack.

Positive for bitcoin is that Hong Kong has approved the arrival of bitcoin and ethereum exchange traded funds (ETFs).

“Rocket phase begins again”

What do the analysts say? Analyst and trader Kevin Svenson sees that the altcoins have recovered significantly from the dip today. About half of the lost market value over the weekend has been regained today. According to him, macroeconomic tensions do not change the fundamentals of cryptocurrencies. Recovery is underway.

Michaël van de Poppe sees that the bitcoin price is consolidating and he expects the price to test higher levels again in the coming week.

Willy Woo also sees that the price is on the rise (at least for the time being).


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