- The bounce puts Bitcoin on track to consolidate gains above $40k, suggesting a fresh target lies above the $43k resistance line.
- BTC price could mirror movements in the S&P 500 as the asset and the stocks are highly correlated.
Bitcoin’s recovery continued on Monday after the weekend’s break above $40,000, with bulls testing resistance above $43,000.
The gains come after the stock market also saw the S&P 500 post its best week of the year so far, even as central banks take aggressive hawkish stances amid rising inflation. Bitcoin’s upward move could also have been fueled by positive news from automaker Tesla Inc., which on Monday said it holds nearly $2 billion worth of BTC.