Mining machine in a Bitfarms cryptocurrency facility.
Photo credit: Christinne Muschi / Bloomberg
Photo credit: Christinne Muschi / Bloomberg
Bitcoin rose above $ 10,000 for the first time since June 10.
The largest cryptocurrency soared in five digits around 6 a.m., New York time, on Sunday, rising to $ 10,169, according to prices compiled by Bloomberg. Earnings quickly faded, initially, then recovered later, gaining 1.9% to $ 10,080 as of 9:25 p.m.
Bitcoin, which cryptocurrency fans have often touted as “digital gold “is in favor as yellow metal approaches record levels, health concerns rise for the world economy and the The dollar falls. Also, last week, the US Office of the Comptroller of the Currency said that US banks may provide custody services for clients’ crypto assets, which could help boost the attractiveness of the asset class with some investors.
The cryptocurrency had been hovering around its 50-day moving average for weeks before surpassing it in recent days.
“We continue to be positive in Bitcoin’s precise overall structure and expect it to exceed $ 10,000- $ 10,500 as part of its long-term bullish technical profile,” said Rob Sluymer, technical strategist at Fundstrat Global. Advisors LLC. Still, that range “remains a resistance band that Bitcoin will need to break up to indicate its next move to resistance at $ 13,800. “
Bitcoin has enjoyed above-average flows this year, and those flows are relatively high compared to its five-year average compared to that of exchange-traded funds in other asset classes, according to a report by JPMorgan Chase & Strategist. Co. John Normand on Friday.
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