Bitcoin, <a At Least Close' To Forming A Bottom
Major cryptocurrencies climbed alongside equities on Monday as stock market kicked off the new trading week with strong gains. The S&P 500 rose 1.65% to 7,554.29, while the Nasdaq Composite, heavily weighted toward technology, jumped 3.07% to finish at 26,683.94. The Dow Jones Industrial Average added 468.77 points, or 0.92%, reaching a record closing high of 51,671.03.
This market surge followed President Donald Trump’s announcement regarding a peace deal and the confirmation that the Strait of Hormuz is open for standard traffic. The agreement is scheduled to be signed in Switzerland on June 19.
Pullback: A Long-Term Buying Opportunity?
Prominent cryptocurrency analyst and trader Michaël van de Poppe noted that Bitcoin has reached a level where investors might consider accumulating positions “over a longer period.”
“It doesn’t mean we’ll be bottoming out here, but we’re at least close, and the ROI of buying here has historically been incredible,” the analyst said. “That’s primarily why I’m not selling positions and instead want to stick with them as a whole.”
