Bitcoin Snaps 5-Day Losing Streak, Climbs Above $52K

Bitcoin rose for the first time in six days, climbing past $52,000 as bulls pushed prices higher in early Asia trading hours Monday.

In a rally that appeared to start around 22:00 UTC (6 p.m. ET) on Sunday, bitcoin (BTC) bounced off a seven-week low around $47,655, subsequently printing some of its largest hourly gains in two days.

The bellwether cryptocurrency was changing hands around $52,100 as of 2:16 UTC Monday, with buyer volume at the highest hourly levels since April 23.

Traders are speculating whether bitcoin might be correcting. Prices tumbled last week by the most since February, amid concern that U.S. President Joe Biden’s proposal to raise the capital-gains tax on cryptocurrencies and other investments might weigh on the market.

On the technical side, bitcoin’s relative strength index – an indicator used to gauge trend momentum – shows the cryptocurrency is attempting a daily timeframe bounce from levels of oversold at 30.00 on April 25.

Other major cryptocurrencies were also in the green, gaining an average 3.7% on the day. Uniswap’s UNI token posted some of the biggest gains, rising more than 14% over the last 24 hours.

In traditional markets, Asian stock indexes were mixed and fairly muted with the Hang Seng Index up around 1.1%. The Nikkei 225 and Nikkei 300 were little changed.