Bitcoin Is Back Up. Is the Leading Cryptocurrency's Slump Over?
Bitcoin is back. But is it all the way back?
It's already been a wild year for Bitcoin (CRYPTO: BTC), and it's only been four months. Bitcoin soared to a new all-time high of $109,000 ahead of President Donald Trump's inauguration, briefly dipped below $75,000 after new tariffs were announced, and recently regained the $95,000 price level for the first time since February.
For the year, Bitcoin is little changed, up a modest 2%. So let's pump the brakes a bit before declaring that Bitcoin is fully back. There are three key factors to keep in mind.
For better or for worse, Bitcoin is highly dependent on investor sentiment. This year has been a perfect example of this. Heading into the year, all lights appeared to be flashing green with a pro-crypto Trump presidency, and the price of Bitcoin skyrocketed in value. Crypto investors were already taking victory laps in late January.
