BTC Recovers to $58K High Before Slight Decline. Market Cap Hits $1.13 Trillion

In just five days, BTC dropped from over $59,000 to below $53,000, hitting a monthly low on Friday.

Despite predictions of a further decline towards $50,000 by Arthur Hayes, the bulls intervened, preventing a deeper drop. Instead, Bitcoin recovered and mostly held above $54,000 over the weekend.

On Monday, BTC initially climbed above $55,000, experienced a minor pullback, and then surged to a five-day high of over $58,000 in the evening.

However, it couldn't sustain this peak and has since decreased by around $1,000. Despite this, Bitcoin's market cap has surged to $1.130 trillion, with its dominance over altcoins increasing by 0.4% to 53.7%.