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Bitcoin climbed more than 15% over the weekend as prices rebounded from four-day lows after falling sharply last week.
Prices on Monday were slightly higher, with bitcoin hitting around $ 35,000 at press time, according to data from CoinDesk 20. One expert said more is needed to continue generating gains in the current climate of fear, uncertainty and doubt (FUD).
The world’s largest cryptocurrency on Friday fell more than 8% despite rallying 5% during the Asian trading session, bolstered by El Salvador’s confirmed date announcement of its bitcoin law and a $ 30 bitcoin electronic wallet airdrop.
Related: Is China Disengaging From Crypto? Feat. Dovey wan
“An unprecedented flow of FUD has resulted in bitcoin struggling to maintain itself above water,” Jehan Chu, managing partner of Hong Kong-based crypto-investment firm Kenetic said Monday. Capital, to CoinDesk via Whatsapp.
Chu also said the near-term outlook remains “volatile and uncertain” despite the recent rebound above $ 34,000. “With retail investors on the sidelines healing their wounds, volumes will struggle until the next price catalyst.”
This is because the daily bitcoin trading volume has remained low, especially during the weekend. This has been the trend for most of the month.
The lack of high trading volumes indicates a lack of interest from institutions and retailers, Chu said, citing undisclosed trading teams he has had conversations with.
Related: Billionaire Salinas Says He’s Working To Make His Bank The First In Mexico To Take Bitcoin
Meanwhile, other notable cryptos are moving in the wake of bitcoin, with the ether and the internet computer both advancing over a 24-hour period.
In traditional markets, Asian stocks were mostly green, with the exception of Japan’s Nikkei 225 index, Hong Kong’s Hang Seng index and Australia’s All Ordinaries index, which were down less than half a percent.
See also: How One Fund Used Carry Trade to Beat Bitcoin
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