Bitcoin pierces US$57,000 as traders resume push for record highs
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[NEW YORK] Bitcoin climbed above US$57,000 for the first time since May, as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.
As in past rallies, a myriad of reasons are being cited for the latest surge, from an easing of concern about regulatory efforts the US and China, as well as renewed optimism about a possible US Securities and Exchange Commission approval of a Bitcoin exchange-traded fund.
Analysts who look at patterns in price charts say that US$60,000 is the next level of resistance, though Bitcoin's relative strength index above 70 suggests that its now in overbought territory.
BLOOMBERG
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
OCBC is said to emerge as lead bidder for HSBC Indonesia assets
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
