Bitcoin has rebounded close to the $64,000 mark, while altcoins and Wall Street also see upward momentum.
Between August 30 and September 6, Bitcoin closed the week in the red, breaking its three-week winning streak. Meanwhile, U.S. stock futures remained steady on Sunday night as Wall Street sought to extend Friday’s gains.
BTC Price Chart - 1 Week
Futures for the S&P 500 edged up by 0.1%, while Nasdaq 100 futures rose approximately 0.2%, and Dow Jones Industrial Average futures added 53 points, or about 0.1%.
These movements followed a volatile week for the stock market, with key indices posting modest gains. The S&P 500 gained 0.22% for the week, the Nasdaq Composite edged up 0.1%, and the Dow Jones rose 0.09%.
This marked the fourth consecutive weekly gain for all three major indices, supported by a stronger-than-expected jobs report on Friday. The positive data reinforced the expectation that the Federal Reserve might achieve a "soft landing" for the U.S. economy. The Dow even closed at a record high following the report's release.
Keith Lerner, Co-Chief Investment Officer at Truist Wealth, cautioned that with the U.S. presidential election approaching, the market could face volatility in the coming weeks, possibly driven by an “October surprise.”
Investors are also watching international developments closely, as tensions in the Middle East remain high.
On the economic side, key events to watch this week include the release of the Federal Reserve’s meeting minutes on Wednesday and the Consumer Price Index (CPI) report on Thursday. Additionally, earnings reports from Delta Air Lines and JPMorgan Chase are scheduled for Thursday and Friday.
Following a sharp drop earlier in the month that pulled Bitcoin close to the $60,000 level, the cryptocurrency has shown signs of recovery. However, Bitcoin ended the week in negative territory, halting its three-week upward trend. The bulls are now trying to push the price back toward the $64,000 mark, with the cryptocurrency posting a daily gain of more than 3%.
The altcoin market also saw a strong recovery as Bitcoin returned to near the $64,000 zone. Leading the pack was Mogcoin (MOG), which surged by 21%. Several other projects also experienced double-digit gains, including Popcat (POPCAT), Dogwifhat (WIF), Bittensor (TAO), Pepe (PEPE), Notcoin (NOT), ORDI (ORDI), Bonk (BONK), EigenLayer (EIGEN), Gala (GALA), NEAR Protocol (NEAR), and Sui (SUI).
Ethereum (ETH) also saw gains for the fourth consecutive day but still closed the week with an 8% loss. The bulls are currently attempting to recapture the $2,500 level, with ETH trading around $2,506 following a nearly 4% daily rise.
