Bitcoin (CRYPTO: BTC) was bouncing up about 4% higher during Monday’s 24-hour trading session. The crypto was strong compared to the S&P 500, which gapped down to start the trading day and was struggling intraday to trade high enough to fill the gap.
Ethereum (CRYPTO: ETH) was showing relative strength, spiking up over 8%, while Dogecoin (CRYPTO: DOGE) was trailing the apex cryptos, trading less than 3% higher.
The crypto market suffered a bearish weekend following Federal Reserve chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday morning. The weekend price action was a continuation of Friday’s move lower, that saw Bitcoin plunge 6.72% and a number of other cryptos follow suit.
Bitcoin temporarily lost an important psychological support level on Saturday and Sunday, declining below $20,000. Ethereum and Dogecoin lost over 5% and 3%, respectively, over the course of the weekend.
The three-day declines threw Bitcoin, Ethereum and Dogecoin toward oversold territory on their daily charts, which may have caused the spike higher during Monday’s trading session. Whether or not Monday’s price action is merely a relief bounce or a larger reversal will …
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