Bitcoin is trading at around $56,854.67 as of 22:00 UTC. Rising 4.74% over the last 24 hours.
Bitcoin’s 24-hour volatility range: $53,121.24-$57,356.75.
Bitcoin trades over its 10-hour and 50-hour medians on the hourly chart. This represents a bullish signal for market specialists.
Bitcoin gained value for the sixth day in a row, continuing its longest gaining streak of the year, and getting closer to the record high price achieved last month.
Throughout Wednesday the largest cryptocurrency was being traded above $56,000, up more than 4% day to day, and within striking range for a short run to the all-time high of $58,322.
“We are observing continues strong growth momentum from technical,” noted Gary Pike, director at institutionally oriented crypto-trading platform B2C2 USA. “One should not be amazed if Bitcoin to tests the standing highs and potentially achieve a breakthrough.”
The day’s earnings come as fresh evidence of two great bullish market drivers over the last year: Bitcoin’s growing use as a hedge against inflation in the context of trillions of dollars of economic relief passing through the US Senate, and its swelling embrace by major institutional investors.
We remind that just recently the strategists of investment bank JPMorgan advised their clients to invest 1% of their investment portfolio in Bitcoin.
