Bitcoin, Ethereum, and the broader cryptocurrency market rebounded late Sunday night following an extended decline over the past week.
According to The Block's crypto price page, bitcoin rose 3% to $63,168 in the past 24 hours leading up to 10:25 p.m. ET on Sunday. Ethereum added 6.5% to $1,687, while Solana gained 4.7% to $66.3.
Analysts told The Block that bitcoin's latest rebound appears to be a "classic oversold relief rally."
"Bitcoin’s roughly 5% rebound this morning may be partly due to the market becoming oversold after last week’s sharp selloff," Min Jung, associate researcher at Presto Research, told The Block.
Jung pointed out that bitcoin remains down roughly 15% in the past week despite today's recovery, and has underperformed many other risk assets. This suggests a significant amount of negative news may have already been priced in over the weekend, he said.
