The crypto market as a whole has suffered significant losses in the last few weeks. It was expected that the flagship cryptocurrency would lose its streak of losing nine consecutive weeks. This was however narrowly broken on Sunday night after Bitcoin reached a seven day high of $30,000.

According to CoinMarketCap, Bitcoin was up 5.5% in a 24-hour period, although it had slightly corrected to $30,640 by press time. The slight rally has also done little to erase this month’s losses as data from Coinglass shows that Bitcoin is down by 18.63% this month.

Many traders have a major concern: Is Bitcoin ready for recovery?

Hayden Hughes CEO, Alpha Impact’s social media trading platform said that the markets need a “relief rally” and spoke to Bloomberg. “Bitcoin has been in red for eight weeks straight and is now technically too oversold, to the levels you typically see only at bottom bear markets.”

The market’s wider crypto market has a large portion in green as of Monday morning. The second-largest cryptocurrency in terms of market cap is ETH. According to CoinMarketCap data it is trading at approximately $1,900. But Ethereum’s weekly drop is still 8.8%.

According to a market capitalization list, the largest gainer of the day is still currently at the top 10. This digital asset experienced an 11.45% rise.

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