Home Breaking News Bitcoin is trying to find a bottom after a weekend selloff

Bitcoin is trying to find a bottom after a weekend selloff

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Two key cybercurrencies were on the rise Monday after a punishing weekend selloff, though they remained well off all-time highs hit in June.

Bitcoin












BTCUSD, +8.33%










 was recently about 5% higher at $2,036, after diving below $1,900 on Sunday, according to CoinDesk data.

Ether, the currency used on the Ethereum network, was up about 5% on Monday at $169 following its weekend weakness.

This chart shows how bitcoin has lifted well above its low hit Sunday:



But this chart shows how bitcoin remains far below its June peak:



Bitcoin is still more than 30% below its June 11 closing high around $3,018, while ether remains cut in half relative to its June peak.

Pressure has been building on the two cryptocurrencies, which many say have risen too far, too fast. Bitcoin has been also hit by news that competing software updates could split it in two by Aug. 1.

Bitcoin’s price could go lower before it heads higher, said Spencer Bogart, head of research at Blockchain Capital, in a tweet Sunday.

But he suggested investors might want to buy into the cryptocurrency using dollar-cost averaging — and noted one could go a little crazy trying to track day-to-day movements:



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