The price of Bitcoin (BTC) is showing signs of a tentative recovery on Sept. 5, having moved back above the key support level of $110,000.
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At one point, BTC was trading at $112,000 and was up nearly 3% over the past 24 hours. The rise comes after Bitcoin spent most of the last trading week sliding lower. At one point, the largest cryptocurrency by market capitalization was trading as low as $107,000.
The recovery in Bitcoin comes with other cryptocurrencies also on an upswing. Major digital assets such as Ethereum (ETH) and Dogecoin (DOGE) are also higher to end the trading week after suffering steep declines. After touching an all-time high of nearly $5,000 at the end of August, ETH has fallen to $4,200.
Jittery Investors
Bitcoin and other crypto are up on Sept. 5 even as U.S. equities slump after a weak jobs report for the month of August. Analysts say that crypto prices are on the downslope as investors grow increasingly nervous about the health of the U.S. economy and the impact of tariffs.
Gyrations in the bond market have also roiled risk assets such as cryptocurrencies. However, many analysts say that BTC and other digital tokens are now recovering as the weak August jobs report increases the likelihood that the U.S. Federal Reserve will cut interest rates at its meeting on Sept. 17.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 6.03% in the last 12 weeks.
