At two-week high Bitcoin with a jump of more than 5%

Bitcoin, which has returned to the $ 31,000 mark, is trading higher than 5% against the backdrop of the generally stronger risk-taking mood in global markets in recent days, which seems to be strengthening further after the lifting of some of the restrictions in China.

In particular, the largest cryptocurrency in capitalization is currently up 5.6% and sees its price at $ 30,658, according to the exchange coindesk.

This is the first time since May 25 that the value of the cryptocurrency flag has been traded above $ 30,000, while the $ 30,840 that arrived today is almost two weeks high, as of May 16.

The digital assets market as a whole is following a similar trend, as usual when bitcoin is making significant changes, with ethereum strengthening by 6.6% to $ 1,907.

On the smaller cryptocurrencies, solana traded 8.6% higher at $ 46.91, avalanache rose 8.7% to $ 27.85 and chainlink jumped $ 7.29 to $ 11.25. 9% like Cardano which is moving at $ 0.52 with gains of 11.85%.

“Markets have delayed some relief rallies,” said Hayden Hughes, CEO of the Alpha Impact platform.

“Bitcoin has just spent eight consecutive weeks in negative territory and has technically reached oversold levels that we traditionally only see at the lowest point of bear markets,” he added.

Recently, cryptocurrencies have been showing a tendency to follow the movement of shares, something they did not do last week, which was again down for the digital currency market when the S&P 500 closed with a strong rise of 6.5%.

This has sparked concerns that investors will continue to “get rid” of cryptocurrencies as their risk-taking interest grows.

However, as Hayden Hughes points out, “we are seeing large markets in Ether and in several altcoins, a pattern that reflects what we had at the bottom of the bear market in July 2021 and at the local low in January this year.”