Bitcoin price surpasses $57,000, 5% rebounding

- Bitcoin (BTC) Rises 5% in a Day, Surpassing $57,000 - Ethereum (ETH) Sees Price Drop Amid Reduced Transaction Fees [Unblock Media] On Monday, Bitcoin experienced a significant rebound, rising nearly 5% in the past 24 hours and surpassing the $57,000 mark. This reflects growing expectations surrounding potential positive catalysts for the Bitcoin market. According to Greg Cipolaro, Global Head of Research at NYDIG, while Bitcoin currently lacks immediate positive catalysts, there is an optimistic outlook for both October and the fourth quarter. Bitcoin (BTC) has shown a strong recovery compared to last Friday, when its price fell below $53,000. It has now outperformed the CoinDesk 20 Index, which shows a 4.2% increase. In contrast, Ethereum (ETH) has seen a more modest rise of 3%, trading at $2,341. The recent decrease in transaction fees is cited as a major factor contributing to Ethereum’s lower price action. According to CoinTelegraph, the migration of consumers to high-throughput Layer 1 blockchains, such as Solana (SOL), has affected Ethereum’s network revenue. The cryptocurrency market’s rise coincides with a rebound in U.S. stock market, with the Nasdaq and S&P 500 both climbing 1.15%, recovering from last week’s significant declines. This highlights the correlation between the crypto market and traditional financial markets. Despite the recent rally, Bitcoin remains down about 3% for the month of September and has declined more than 20% from its all-time high of over $73,000 in March this year. While this recovery is promising, it suggests that Bitcoin is still in a broader price correction phase. Greg Cipolaro from NYDIG noted in a weekly update that there are currently few short-term positive catalysts for Bitcoin. He mentioned that "August and September have traditionally been weak periods of time for Bitcoin, but October and Q4 tend to exhibit more positive market trends." Over the coming weeks, macro news, such as employment, inflation data, and Federal Reserve policies, are likely to impact the Bitcoin market. Interest rates, employment figures, or inflation rates can directly affect Bitcoin’s liquidity. For example, rising inflation may increase Bitcoin’s appeal as an investment, while poor employment data might lead investors to shy away from risk assets like Bitcoin.