Bitcoin Suddenly Soars to Highest Level Since Mid-June

Bitcoin, the bellwether cryptocurrency, managed to reclaim the $22,000 level for the first time since mid-June.

The top cryptocurrency has soared 9.76% over the last 24 hours. It is now poised to record its third straight day in the green.  

Major altcoins surged in tandem with Bitcoin, with the total crypto market cap reclaiming the $1 trillion level.   

As reported by U.Today, Galaxy Digital CEO Mike Novogratz recently predicted that Bitcoin would continue its streak of sideways drift. He also didn’t rule out that the price of Bitcoin could end up plunging lower due to unfavorable macro conditions.

While the recent price spike is a positive development for bulls, Craig Johnson, chief market technician at Piper Sandler Companies, recently opined that they would need to secure a close above the $26,000 level in order to confirm the end of the ongoing correction.

Riding the stock rally   

The fact that Bitcoin rallies together with stocks means that bulls should remain cautious. Investors and traders should keep a close eye on Friday’s jobs report. The highly anticipated data will offer a comprehensive view of the labor market amid growing recession fears. Stock futures are in the red at the time of writing, pushing Bitcoin back below the $22,000 level.

The top cryptocurrency is still down more than 68% from its record high of $69,044.

Jared Madfes, partner at Tribe Capital, says that he cannot imagine a short-term bullish case for Bitcoin if the jobs report ends up being “really weak.”