Bitcoin Reaches $30,000 for the First Time in a Week as the Crypto Market Recovers

Bitcoin, the largest cryptocurrency by market cap, rose late Sunday to a weekly high above $30,700 since May 23.

Bitcoin (BTC) was trading as low as around $29,000 for a week. However, that situation was avoided after the top cryptocurrency surged to a seven-day high of $30,723 in the late hours of Sunday.

According to CoinMarketCap data, Bitcoin is still up 5.5% on the day, despite a minor pullback that plunged it down to $30,611.59 by press time.

Despite the recent uptick in optimistic sentiment, Coinglass data shows that Bitcoin is down 18.63% this month, after losing 17.3% in April.

According to a new study by CoinShares, the recent collapse of the TerraUST stablecoin has prompted investors to favor Bitcoin, with up to 39% of respondents claiming that the benchmark cryptocurrency has the most promising growth prospects.

Hayden Hughes, CEO of social media trading firm Alpha Impact, told Bloomberg, “Markets are long overdue for a relief bounce.” Furthermore, Hughes adds that “Bitcoin has recently spent eight weeks in the red and has become technically oversold to levels we normally see at the bottom of bear markets.”