Bitcoin Reaches $ 44,000 amid Major Crypto Recovery

BTC price regained support above multiple zones on Monday amid continued uptrend

Bitcoin prices rose 7% in intraday trading on Monday after bulls left the weekend sell-off triggered by new negative news from China.

The price of the benchmark cryptocurrency rose to a peak of $ 44,338 during Asian trading, with the upswing of the top cryptocurrency impacting the major altcoins.

Among altcoins, Ethereum (ETH) is seeing the biggest gains in the top 10 category by market capitalization, with ETH/USD up 12% in the last 24 hours. Other coins that have recovered quickly after Friday’s sell-off include Solana (SOL) at 9.8 %, Binance Coin (BNB) at 9.3% and XRP at 7.6 %.

Overall, the total crypto market capitalization increased by more than 6% and was around $ 2,03 trillion at the time of writing this article.

BTC Price Bounces Above $ 44,000

The Bitcoin price had slipped to a low of $ 40,555 last week as panic reigned in the market because of renewed action against bitcoin and crypto trading in China. The price of BTC threatened to drop below $ 40,000, but after a weekend of bullish strength, the crypto is back above $ 44,000 as buyers aim for further gains this week.

The Bitcoin price recovery comes as some major crypto stocks have slumped due to the Chinese crackdown. Shares in Huobi Tech and OKG Technology Holdings fell 30% and 20%, respectively, early Monday, according to Reuters.

While crypto-related stocks fluctuated, BTC recorded an uptrend.

BTC / USD 4-hour chart. Source: TradingView

Crypto analyst Rekt Capital believes that if the bulls reach a daily closing price above $ 43,800, the BTC price will continue to rise.

At the time of writing this article, BTC / USD is trading around $ 43,850 as some private investors take profits. However, the technical outlook points to a bullish continuation, with prices holding above the 50 moving average on the 4-hour chart at $ 43,632.

Should the positive picture continue in the coming days, buyers could target the 100 moving average on the 4-hour chart at $ 45,151 and then horizontal resistance at $ 46,700.

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