Bitcoin and Ethereum were relatively stagnant after four consecutive green days as all eyes turned to the release later this week of US non-farm payrolls (NFP) data and its impact on the dollar index.
Bitcoin has flirted with the US$32,000 level in the last 24 hours, giving crypto investors some much-needed hope of a revival following a torrid 2022 so far.
“However, it is highly possible that this bounce in the bitcoin price may be nothing more than a dead cat bounce unless the price respects the recent low formed by the BTC price,” Naeem Aslam, Avatrade chief market analyst, said.
Both the leading coins are over 50% below their all-time highs seen in November, with the global economic slowdown leading investors to seek safe haven assets over riskier ones.