Bitcoin recovers to $30,000 after 7-week slide

After spending most of the weekend below that level, the price ofBitcoin recovered to around $30,000.

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The largest criptocurrency went up as much as 1.8% to $30,450 on Monday morning in Asia. That was the longest losing streak since August 2011 after it fell for seven consecutive weeks, the longest losing streak since August 2011, according to the data compiled by Bloomberg. The S&P 500 had a seven-week decline.

If the S&P falls more, that should create a final flush and a great buying opportunity forBitcoin, according to Mark Newton, technical strategist at Fundstrat Global. There's a lot of bearishness, and we should be approaching a time when you really want to buy into that in the next couple of months. In recent weeks, the Federal Reserve hikes interest rates and inflation has boosted the prospects of more monetary tightening, boosting the strength of the virtual currency. In the past, the token has been touted as a hedge against inflation, but in recent months it has become highly correlated with risk assets like companies in the Nasdaq 100, which has tumbled due to the changing regime.

Noelle Acheson and Konrad Laesser of Genesis Global Trading said thatBitcoin is likely to hover around $29,000 to $31,000 over the next couple of weeks. They said that some economic-data releases, like US gross domestic product or inflation measures, could change the narrative. Rick Bensignor, president of Bensignor Investment Strategies and a former Morgan Stanley strategist, uses DeMark technical indicators to compare the most recent maximum and minimum prices to the previous period's equivalent price to measure demand - to argue thatBitcoin won't break higher anytime soon.

He said that he d still expect another four weeks of heaviness. The May 12 low is around $25,425 and the bounce from that keeps support intact at $28,900, he said.

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