Bitcoin has surpassed the $57K mark, but according to NYDIG, there are few potential positive factors ahead.

 

"Bitcoin may be influenced by the overall market conditions," Greg Cipolaro of NYDIG stated.

The largest cryptocurrency in the world is making a significant recovery today after a rough start to September. Bitcoin (BTC) is currently trading just above $57,000, marking a 5% increase over the past 24 hours. It has outperformed the CoinDesk 20 Index, which has risen by 4.2%. Meanwhile, Ether (ETH) is up 3% to $2,341 but is still struggling compared to Bitcoin and the broader market.

These gains in the cryptocurrency market coincide with a positive performance in U.S. stocks, with the Nasdaq and S&P 500 both gaining 1.15% on Monday.

Despite today's rebound, Bitcoin is still down by about 3% for September and has decreased by more than 20% since reaching a record high above $73,000 in March.

Greg Cipolaro, global head of research at NYDIG, noted in his weekly update that potential near-term catalysts for Bitcoin are currently limited. Historically, August and September have been weak months for Bitcoin prices, but October and the fourth quarter have generally shown positive price action.

Looking ahead, Cipolaro highlighted that Bitcoin's performance may be influenced by factors outside of the cryptocurrency market, such as macroeconomic news like employment, inflation, Federal Reserve policies, and the November presidential election. He emphasized that the outcome of the election could be a pivotal moment for the industry, indicating that until then, Bitcoin's performance could be influenced by broader market conditions.