Bitcoin rebounds from its worst week in more than a year, jumping above $57,000

Bitcoin surged to over $57,000 on Monday after a rebound on Wall Street from its worst week of the year. The flagship cryptocurrency saw a 5.6% increase, reaching $57,449. Last week, Bitcoin had its worst weekly performance since August 2023, dropping 9%. Companies like Coinbase and MicroStrategy also saw gains on Monday as the S&P 500 and Nasdaq Composite rose. Analysts note that Bitcoin has been trading in a range for most of the year and lacks major catalysts. September is historically a weak month for Bitcoin and other risk assets. Analysts suggest that stability in the U.S. equity markets could lead to a recovery in Bitcoin prices.