Bitcoin climbed above $57,000 for the first time since May as speculators bet the largest cryptocurrency would hit a record high earlier this year.
Like previous rallies, myriad reasons are being cited for the latest surge, alleviating concerns about regulatory efforts in the US and China, as well as new concerns about a possible US Securities and Exchange Commission approval of a bitcoin exchange. Outright Optimism- Traded Fund.
Analysts watching the pattern on the price chart say $60,000 is the next level of resistance, although bitcoin’s relative strength index above 70 suggests it is now in overbought territory.
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