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10 Mar, 2021 15:16

Bitcoin rally extends into fifth day as major players voice support for cryptocurrency

Bitcoin rally extends into fifth day as major players voice support for cryptocurrency

The world’s top digital asset, bitcoin, continued to rally on Wednesday, pushing above $56,000. The surge comes as major pullback in US government-bond yields sparks demand for risky assets like cryptocurrencies.

Bitcoin was trading at $56,166 at 2:46pm GMT, marking a day-by-day gain of more than three percent, according to CoinDesk.

The cryptocurrency climbed for the fifth straight day on Wednesday, hitting a record high over the past month as support keeps on building among major financial institutions and corporate giants.

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“Bitcoin is recovering after having logged a short-term oversold reading in late February above its rising 10-week moving average,” Katie Stockton, a technical analyst for Fairlead Strategies, wrote in her newsletter, seen by CoinDesk.

“Short-term momentum is positive and there is room to initial and final resistance near $58,000,” the analyst added.

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