Bitcoin Recovers to $58,000, Starting New Week with a Bang

Bitcoin Recovers to $58,000, Starting New Week with a Bang

Bitcoin has managed to pull off an impressive comeback, recovering to the $58,000 level earlier today.

The largest cryptocurrency has given up some of its gains, and it’s currently flatlining at $57,361.

On Nov. 26, the crypto king plunged more than 9% amid concerns that the pandemic may worsen due to the new Omicron variant.On Sunday, however, Bitcoin soared over 7%, putting the bulls back in the driver’s seat and invalidating bearish scenarios.The bellwether crypto would need to gain another 6% in order to avoid printing a red monthly candle this November.Bitcoin is also -17.03% away from reclaiming its all-time high of $69,044 that was reached on Nov. 10.

An across-the-board relief rally

The largest cryptocurrency has bounced back together with other major markets. U.S. stock futures are currently in rally mode, with the S&P 500 index being on track to add 0.69%.Oil has also staged a recovery after the WTI price recorded the biggest one-day drop since it went negative in April 2020.Spot gold shed $10 at open, but then bulls managed to gain some ground.

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