bitcoin
Other cryptocurrencies rose on Monday as digital assets continued to rally despite a quiet day in the stock market, as investors turned away from Wall Street for the Presidents’ Day holiday.
Bitcoin price is up 1.5% over the past 24 hours to above $24,900, after surging above $25,100 in the recent trading peak. The biggest digital asset remains near its highs since last June amid a rally that has sent it nearly 50% higher to start 2023 – although bitcoin continues to trade below its late 2021 highs near $69,000.
“Bitcoin’s positive momentum continued this week with a break above the previous high of 24,250. Not only have we seen positive price movement, but volume has also been higher than it has been in the past two weeks,” said Rachel Lin, CEO of crypto derivatives platform Synfutures. Unfortunately, the positive price action was not accompanied by good fundamental news.
Indeed, cryptocurrencies have been seemingly climbing despite a wave of regulatory storm clouds gathering around the space. US regulators have taken several lines of action in recent weeks to crack down on cryptocurrency companies as well as products and services including stablecoins and risk – raising the prospect of a tougher operating environment in the world’s largest economy.
However, traders have taken the latest regulatory headwinds in their stride — perhaps showing optimism about the prospect of legal clarity for cryptocurrencies at last, even if it involves a short-term headwind.
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The upbeat trading in digital asset markets on Monday also comes amid a quiet session for investors globally, with Wall Street stalling during Presidents Day and stocks muted globally.
Cryptocurrencies have become highly correlated with stocks over the past year – amid a challenging macro environment – usually moving in stride with
Dow Jones Industrial Average
and the
Standard & Poor’s 500.
In the absence of stock trading or major macro catalysts, Bitcoin and its peers have continued to drift higher, with key price levels ahead.
“We still need to monitor how Bitcoin performs in the coming days,” Lin said. “There are several resistance levels between 25,000 and 25,250 including the 200-week moving average. We are also seeing strong selling pressure in this area, and a break above 25,200 would be a very good sign for Bitcoin and the broader crypto market.”
beyond bitcoin,
ether
– the second largest cryptocurrency – gained 1% for a move above $1,700. Smaller cryptocurrencies, or altcoins, have been more mixed
Cardano
Climbs 1.5% however
ribbed
less than 1%. Memecoins were in green, with
Dogecoin
by less than 1% and
shiba inu
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jumped 4%.
Write to Jack Denton at [email protected]
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”
