Bitcoin’s recent rally may be entering a new extension.
The leading cryptocurrency is now trading above its upper Vera band limit, according to new analysis from Bloomberg. The indicator identifies upward and downward trends and shows a breakout may be on the horizon.
“Bitcoin’s followed a similar trend since mid-February and has breached yearly highs at least once every month since then. The cryptocurrency broke above its upper band limit for the first time this year in early February, for instance, and reached a fresh yearly high shortly afterward.”
Industry insiders are also eyeing Bitcoin’s latest move. Bullish sentiment affirms that the industry’s ability to draw in major corporate and big tech players like Facebook and Fidelity is strengthening the market.
Says Edward Moya, chief market strategist at Oanda Corp., a global leader in currency data and forex trading for retail and corporate clients,
“Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down. The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains.”
Right now, Bitcoin is up 5.09% at $12,163 according to COIN360. Ether is up 0.13% at $309.70, XRP is up 0.55% at $0.3994 and Litecoin is up 1.28% at $120.75.
Technical analysts are gauging Bitcoin’s chances of retesting its 2019 highs near $14,000 as altcoins try to keep pace with the crypto king.
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