The cryptocurrency, which has been on a wild ride that took it above $19,000 in December 2017 and as low as $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% to $6,048.52 as of 9:46 a.m. 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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