Bitcoin moved back above $31,000 at the end of May 2022 after closing lower for nine consecutive weeks. The rebound interrupted an unusually long losing streak, but it did not erase the broader decline that had taken the cryptocurrency down sharply from its November 2021 record.
The largest part of the move came on May 30, when bitcoin rose from below $30,000 and traded as high as roughly $31,950. On May 31 it reached an intraday high near $32,250 before closing around $31,800. The figures describe that two-day period and are not current prices.
A contemporary market report described the move as a relief bounce after extreme bearish sentiment. It also noted that many alternative cryptocurrencies lagged bitcoin, a sign that traders were still cautious about taking additional risk.
U.S. equity markets were closed for Memorial Day on May 30, although European and Asian markets were trading. Some analysts connected the crypto rebound with the previous week’s recovery in U.S. stocks, but short-term correlation does not establish that equities caused the move.
The monthly picture remained negative. ARK Invest’s May 2022 report recorded bitcoin ending the month near $31,835, down 17.2% from April. The return above $31,000 was therefore a time-specific market development, not confirmation of a sustained recovery.
