Bitcoin rises above US$6,000 level for first time since November

[SINGAPORE] Bitcoin has climbed back above US$6,000.

The cryptocurrency, which has been on a wild ride that took it above US$19,000 in December 2017 and as low as US$3,136.04 in December last year, has clawed its way back to the highest level in more than six months. The asset was up 2.5 per cent to US$6,048.52 as at 9.46am in Hong Kong.

"Bitcoin's long-term technical profiles continue to point to a new up cycle," said Fundstrat Global Advisors LLC technical strategist Rob Sluymer in a note May 8. He said bitcoin is continuing to rebound from support at its 200-week moving average, after telling investors last week to buy.

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