Bitcoin Overcome
The cryptocurrency climbs past $50,000, reaching its highest level since December 2021.
Bitcoin’s post-ETF collapse did not linger long, as it has resumed its upward trajectory in the last two weeks. The decrease from last month was held and defended by the 100-day moving average (red line) at little under $40,000. Since then, purchasers have staked their claim and roared in response.
I would say that risk appetite in equities has also been a big element, and Bitcoin may leverage that as a tailwind.
And now it’s gaining traction as consumers seek a break above $50,000. It is presently at its highest level since December 2021, and the charts show little evidence of a push back to the 2021 highs above $60,000 again. However, whether that appears credible is a separate argument.
At the present, one could argue that the new Bitcoin frenzy is being driven by the next Bitcoin halving, which is due in April of this year.
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