Bitcoin rose as much as 7.5% to $40,900 on Wednesday during New York trading hours. Today marks the eighth day of Bitcoin’s rally since December. The momentum for Bitcoin, as well as other cryptos such as second-ranked Ether, is still strong. Analysts say $45,000 is in sight, but a conclusive break above $50,000 will face considerable resistance.
Bitcoin remains far below its mid-April high of almost $65,000. But bulls have taken heart from recent positive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood, as well as speculation over Amazon.com Inc.’s potential involvement in the cryptocurrency sector. The token soared Monday as some traders exited leveraged bets on declines. Bitcoin has been rising even though a stock rout in China this week dented some investor appetite for risk, contributing to a drop in global stocks.
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