Bitcoin’s value rose above $45,000 for the first time since early January.
Bitcoin’s stealth rally over the past two weeks not only pushed it past a key level of $45,000 — it also put the world’s biggest cryptocurrency back in positive territory for the year.
If Bitcoin can keep breaking through “in a meaningful way,” it should gain a lot of upside momentum, said Matt Maley, chief market strategist at Miller Tabak + Co. Even so, Bitcoin and other tokens like Ether started a steady advance this month alongside broader increases in US stocks. But it took until the past day for Bitcoin to convincingly take out $45,000 , a level it had only briefly touched since early January.
Cardano in particular has found favour with traders, jumping 30% over the past five days. Those tokens remain down for 2022, however. “When it has been similarly overbought in its past , it has averaged significant gains going out one to 12 months,” according to the Bespoke report.
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