Bitcoin Climbs to $57,000 Again, Can It Hold?

The world’s largest cryptocurrency is on the mend after a poor start to September, with the price falling below $53,000 last Friday.

Bitcoin (BTC) is trading just above $57,000, up 5% in the past 24 hours, outperforming the CoinDesk 20 Index’s 4.2% gain. Ether (ETH) is trading in contrast to bitcoin and the broader market, rising just 3% to $2,341.

The crypto gains come amid significant progress in U.S. stocks, which have also been on a tear over the past week. Data yesterday showed the Nasdaq and S&P 500 gaining 1.15%.

Despite today’s big jump, bitcoin is down about 3% in September. The cryptocurrency is reportedly down 20% from its record high of $73,000 set in March.

“Unfortunately, the market is devoid of positive catalysts. August and September have proven to be a negative period for bitcoin price once again. But the good news is that October and the overall fourth quarter price action looks positive,” Greg Cipolaro, head of global research at NYDIG, wrote in the weekly newsletter.

With the fourth quarter just a few weeks away, Cipolaro reports that bitcoin bulls may look to factors outside of crypto for positive catalysts, including macro news like employment, inflation, and Federal Reserve policies.

“It’s impossible to predict which candidate will win the election, but November will be a very important period for the sector,” Cipolaro said.