Bitcoin and other major cryptocurrencies are seeing a recovery after a decline last week. The price of Bitcoin rose 1.22% in 24 hours to reach $114,738 on Sunday. This follows a drop from around $119,000 on July 31 to a low of $111,800.
Major altcoins also rebounded, with Ether rising 3.12%, XRP gaining 6.32%, and Solana increasing by 1.66%.
According to analysts, the recent dip was likely triggered by a weaker-than-expected U.S. jobs report, which showed the addition of only 73,000 jobs in July. This data, combined with declines in the U.S. stock market, may have prompted investors to take profits after a period of market gains.
“Whenever there’s a dip, it doesn’t last very long as buyers come in very quickly to take advantage of the opportunity,” Jeff Mei, COO at BTSE was quoted by a report in The Block.
Traders are described as “cautiously optimistic” as they look toward the upcoming U.S. consumer price index (CPI) release on August 12, which could influence the Federal Reserve’s next interest rate decision. The CME Group’s FedWatch Tool currently indicates an 80.8% probability of a rate cut in September.
