Bitcoin rebounded after slumping along with stocks on Thursday, meeting resistance at the US$30,000 level around which it’s been trading for the past month. 

The largest cryptocurrency rose as much as 2.5 per cent to US$30,372 during New York trading, while Ether rose 1.4 per cent. Bitcoin’s advance largely tracked that of US and European equities. It is down about 55 per cent from a record high in November.

Bitcoin has only briefly deviated from the US$30,000 level since the collapse of the TerraUSD stablecoin triggered a broad crypto selloff in early May. The token could “form a cyclical low” in the second half of this year, based on previous market cycles, Bloomberg Intelligence analyst Jamie Douglas Coutts said Wednesday.   

“The technical outlook is neutral at best and Bitcoin really needs to trade back above US$40k before any kind of bullish outlook can be confirmed,” Nicholas Cawley, a strategist at DailyFX, wrote in a note Wednesday.  

Bitcoin had staged a mini-rally to start the week, rising to a three-week high of US$32,359 on Tuesday and giving some in the markets hope that it might gain upward momentum. Cryptocurrencies have have been hit as the Federal Reserve and other central banks hike rates to combat stubbornly high inflation.     

Solana underperformed amid a network outage that was later resolved. The popular DeFi token , dropping as much was little changed at around US$40.50, 6.6 per cent after falling 11 per cent on Wednesday.