Bitcoin’s ( BTC ) rally over $30,000 has stopped – at the very least, temporarily.

In the last 24 hours, Bitcoin, which is the largest cryptocurrency in terms of market capitalization, has fallen by 2.6%. According to CoinDesk, Bitcoin started falling on Sunday, and fell as low as $29,292, before recovering slightly.

Investors, encouraged by slightly upbeat inflation data from last week , sent bitcoin’s value over $30,000 for first time since June . Joe DiPasquale of BitBull Capital wrote to CoinDesk that the surge from $28,000 was “largely untested”.

DiPasquale stated that even though the price had breached $30,000. it was likely to seek support on the downside, and possibly consolidate, before another leg up.

He said that the bulls would want to see a strong rebound from the $28,000 to $29,000 range, and a reclaiming of $30,000 within the next few days. However, he noted that the price of bitcoin could fall to $23,000 and then bounce back. He said that in this case, “it could take longer for the price to rise.”

Data from Coinglass shows that since Sunday night, traders who betted on price shifts have liquidated more than $32 million in BTC long positions compared to $1 million for BTC short positions. This type of long squeeze tends to drive prices down.

Riyad carey, a researcher at the crypto data firm Kaiko said that several macroeconomics factors, such as Monday’s U.S. The dollar’s rise and mixed earnings reports for the first quarter could have pushed bitcoin’s value downward. Carey, a CoinDesk analyst, said that the U.S. Dollar Index is negatively correlated with bitcoin’s value. However, this correlation has been decreasing since the beginning of the year.

Other markets

Ether ( , ETH), hovered at $2,084 on Monday. It was down 0.7% over the last 24 hours, but remained stable after Ethereum’s major upgrade to its blockchain software last week. Avalanche AVAX recently increased by over 7%, reaching $20.70. The DYDX Token of dYdX, a decentralized exchange focused on perpetuals, rose by 5% and now trades at over $3.

The CoinDesk Market Index, which measures the performance of the crypto market as a whole ( CMI), was down by 2% over the last 24 hours.

Following a surge late last week in crypto-related stocks, they also fell on Monday. Shares of the exchange Coinbase (COIN), and bitcoin mining company Marathon Digital Holdings lost more than 3%. MicroStrategy, a software company which holds large amounts of bitcoins, dropped 5%.

Investors awaited the earnings reports of a number of large banks, such as Bank of America (BAC), and Goldman Sachs. The S&P500 and the tech-heavy Nasdaq both fell by 0.1% and 0.2% respectively. The Dow Jones Industrial Average remained flat.

James Rubin is the editor.