Bitcoin recovers from its recent slump, surpassing $57,000.

• Bitcoin surged to $57,000 on Monday evening following Wall Street's recovery from its recent poor performance.
• Bitcoin experienced its worst weekly decline since August 2023, falling 9% last week.
• Historically, September has been a weak month for bitcoin, similar to other risk assets.

After Wall Street's rebound from its worst week of the year, the stock market reached a new high of $57,000 on Monday evening.

The price of the flagship cryptocurrency was last higher by 5.6% at $57,4449.00, according to Coin Metrics. Bitcoin had its worst weekly performance since August 2023, tumbling 9% last week.

On Monday, the three major averages climbed 5.2%, 9.2%, and 1.2%, respectively. The gains were driven by the fact that the broke a four-day losing streak and the gained more than 1%. Despite this, the three major averages last week posted their worst weekly performance in 2024.

Bitcoin has been trading within a range for most of the year. Recently, it dropped below its floor of approximately $55,000. Analysts have cautioned that cryptocurrency lacks significant catalysts at present, and in the absence of these, prices are likely to be influenced by macro factors and will continue to consolidate.

Historically, September has been a weak month for bitcoin, similar to other risk assets.

"To experience upside in the upcoming week, bitcoin needs the U.S. equity markets to stabilize or gain momentum, potentially reducing crypto ETF outflows. This stability in the equity markets could ease selling pressure on bitcoin, creating a favorable environment for a recovery."