As risk appetite generally rebounded, Bitcoin recorded its biggest gain in more than a month on Tuesday, and briefly rebounded to above US$49,000 for the first time in five days.

Bitcoin once rose 5% to 49,331 US dollars in New York trading, the largest intraday gain since November 18. After hitting a record high of nearly $69,000 in early November, Bitcoin has fallen by about 30% in the past five weeks.

Mike McGlone, a commodity strategist at Bloomberg Industry Research, wrote that Bitcoin may have established a bottom in the ongoing bull market, similar to the recent peak of crude oil. He wrote that Bitcoin(S19XP 140T) was the most significant and most important major macroeconomic asset that rose on December 20, which showed the power of differentiation.

“On the same day that the S&P 500 Index fell 1%, the 2% rise in Bitcoin futures consolidated the key support from the recent low of $45,000,” McGlone wrote in a research report.

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