- Bitcoin‘s 1.4% rebound to around $67,400 on Monday faces skepticism from analysts who warn the recovery could be temporary.
- Ethereum and Solana led the market recovery, outperforming Bitcoin’s gains over the past 24 hours.
- The total cryptocurrency market capitalization climbed back above $2.4 trillion amid over $360 million in market liquidations.
Bitcoin rebounded from a 24-hour low near $65,000 to trade around $67,400 on Monday morning, a 1.4% gain that lifted the broader cryptocurrency market. However, crypto analysts cautioned that this recovery may be fleeting unless Bitcoin can sustainably move past key resistance levels.
According to crypto analyst Ted Pillows, Bitcoin’s price may reach $70,000 before being rejected and moving lower. “Yes, we could hold here, but a crash in the coming weeks is more likely,” he wrote in a post on X. Meanwhile, Michael van de Poppe of MNFunds said a break above $71,000 is needed to confirm an upward trend.
Consequently, retail sentiment for Bitcoin on Stocktwits remained bearish despite the price recovery. Other major cryptocurrencies showed mixed performance during the market’s rise.
Ethereum notably gained 2.8%, reclaiming the $2,000 level amid normal retail chatter. Solana’s price rose approximately 2.3% to around $84, accompanied by high levels of bearish sentiment from traders.
In contrast, Ripple‘s XRP and Binance Coin underperformed, posting smaller gains of 1.2% and 0.7% respectively. This occurred as the total crypto market cap edged 1.2% higher.
Data from CoinGlass showed around $366 million was liquidated over the past day, with $243 million coming from long positions. This significant unwinding highlights the persistent volatility and “time pain” analysts warned could continue.
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