The leading digital currency, Bitcoin, managed to recover the $21,000 level and reach the $22,000 level for the first time since mid-June.

Bitcoin is up 7.5% in the last 24 hours.

It is now ready to record its third consecutive day in green.

Altcoins accompanied Bitcoin on its rise.

As a result, the total market capitalization of cryptocurrencies rose above the $1 trillion level for a short time.

Galaxy Digital CEO Mike Novogratz predicts bitcoin will continue to slide.

It also does not rule out the eventual decline in the price of Bitcoin due to unfavorable macro conditions.

Read:Venezuela integrates Bitcoin and Litecoin wallets into a government cryptocurrency exchange

While the recent price rally is a positive development for the bulls, Craig Johnson, chief market technician at Piper Sandler, believes that Bitcoin needs to secure a close above $26,000 to confirm the end of the correction.

The crypto market and its correlation with the stock market:

The fact that Bitcoin is rising along with the stock and following it means that the bulls should remain cautious.

Investors and traders should closely watch Friday’s jobs report.

The forecast data will provide a comprehensive view of the labor market amid growing recession fears.

Stock futures were in the red at the time of writing, pushing Bitcoin below the $22,000 level.

The top cryptocurrency is still down more than 68% from its high of $69,044.

Read:SEC Postpones Decision on VanEck’s Bitcoin ETF Implementation…Details Here

Jared Madvis, partner at Tribe Capital, said he can’t imagine Bitcoin going up if the jobs report ends in weakness.

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