The cryptocurrency market made a swift comeback from the turbulence last week triggered by China’s latest crackdown volley.
Bitcoin slid on Monday amid a fraying appetite for riskier investments and an intensifying cryptocurrency crackdown in China.
Another bad week for bitcoin could be a precursor of more pain to come, according to strategists watching the selloff in cryptocurrencies.
Bitcoin is approaching levels not seen since just after the burst of the cryptocurrency market bubble almost three years ago.
Technical indicators show the price action between bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.