The price of Bitcoin rose above the $51,000 level, on Friday, and touched its highest level in more than two weeks, buoyed by broader positive sentiment in financial markets. The largest cryptocurrency advanced about 6% and at one point reached $51,524 on Friday in Asian trading. Ether, the second largest, was near $4,100.
Risk appetite improved in global markets, as evidenced by a record close of the S&P 500 on Thursday.
According to Ross Mayfield, investment strategy analyst at Baird, it remains to be seen whether the eroding liquidity in central banks will bring greater challenges to cryptocurrency demand. “I see bitcoin as a high-risk asset,” he said. When the appetite for risk rises, it rises aggressively. And when the appetite for risk decreases, the currency can drop dramatically.”
A technical study showed that Bitcoin has breached the upper bound of the so-called high-end technical pattern, extending its 20-day moving average. While that points to more gains ahead, other technical signals are pointing to the $53,000-55,000 region as a potential test of the strength of any such rally. (Bloomberg)
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