(Bloomberg) — The Bitcoin rally seen in recent days has the bulls once again targeting levels the currency hasn't seen since last year.
The largest cryptocurrency by market value rose at one point in Monday's quotes to 4.6%, reaching US$48,215 before fluctuating around that level. The peak was its highest level of the year. Elsewhere, the MVIS CryptoCompare Digital Assets 100 index, which tracks the performance of some of the largest digital assets, rose more than 6.7%.
Bitcoin and other cryptocurrencies had, until recent weeks, been mired in a downtrend similar to that of other higher-risk assets, such as US stocks. But a bullish break seen over the weekend above $45,000 helped to gain momentum for a larger upside. The currency has advanced 17% over the past week.
The rally has pushed Bitcoin to technically overbought levels, according to its RSI score of 71. Assets are considered overbought if their RSI crosses above 70 and oversold if it falls below 30. Overbought levels tend to generate projections for a short-term respite, although the strategists of Bespoke Investment Group say that it has not always been the case that such conditions lead to a decline and, instead, can presage more gains.
Even so, Bitcoin remains around 30% below the record of around $69,000 reached in November. But Katie Stockton, founder of Fairlead Strategies, a research firm focused on technical analysis, says that “the current relief has staying power.” Bitcoin marked a new “buy signal” through the MACD indicator and forecasts resistance close to US$51,000.
Original Note:
Bitcoin Extends Gains to Reach 2022 High of More Than $48,000
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
