Bitcoin is rallying towards $30 000 again
climb towards US$30 000 with risk appetite rising across global markets and concern about the fallout from Binance’s legal woes waning.
The largest cryptocurrency by market value rose for a second day, gaining as much as 4.9% to $28 638 on Wednesday. It had climbed to just below $29 000 on 22 March, the highest since June. Other tokens also rallied, with XRP jumping about 9%, Cardano increasing 7% and Polygon rising 4%. Ether was up less than 2%., the world’s largest crypto exchange, was sued by the US Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules.
Bitcoin’s monthly RSI crossed above 50, a level it had dropped below in May last year following the collapse of Terra’s algorithmic stablecoin project. A move above 50 indicates that price momentum has transitioned to a bullish regime and a move below, the opposite. Since the major low recorded in January 2015, there have only been three other instances when this happened: October 2015, April 2019 and April 2020. The average returns three and 12 months after were 26% and 182%. Although the monthly RSI has crossed above 50, the signal will be cemented only if the level is maintained on the last trading day of the month. —
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