Market Wrap: Possible Trend Reversal as Bitcoin Spikes Past $40K:
Bitcoin is in rally mode, posting its largest daily gain in six weeks as shorts covered positions over the weekend. The cryptocurrency was trading around $38,874 at press time and is up 14.5% over the past 24 hours. Sentiment has shifted from extreme bearishness after a sharp correction in May and two months of consolidation between $30,000 and $40,000.
Some analysts expect further upside and view the recent bounce as a trend reversal.