Bitcoin’s
all-time
high
is
in
clear
sight
after
the
cryptocurrency
surpassed
$57,000
on
Tuesday.
The
flagship
crypto
is
now
roughly
20%
off
its
November
2021
all-time
high
of
$68,982.20,
and
it
just
cleared
a
key
resistance
level,
according
to
Fairlead
Strategies.
“The
main
thing
to
highlight
is
the
confirmed
breakout
above
$48,000,
which
targets
final
resistance
[of
about]
$64,900,”
said
Will
Tamplin,
senior
analyst
at
Fairlead.
BTC.CM=
5D
mountain
Bitcoin
this
week
confirmed
a
breakout
above
$48,000
Oppenheimer
chart
analyst
Ari
Wald
confirmed
that
outlook.
“Positive
momentum
for
the
price
of
bitcoin
supports
higher
prices
over
the
coming
months,”
he
said.
“The
rally
above
$48,000
marked
a
notable
breakout
above
the
currency’s
April
2022
peak
and
sets
the
stage
for
a
test
of
$65,000
resistance
marking
peaks
levels
from
2021.”
Bitcoin
has
gained
10%
over
the
past
two
days.
Short-term
indicators
suggest
there
could
be
a
brief
period
of
digestion
for
the
market,
according
to
Fairlead.
However,
the
firm
does
not
expect
a
major
pullback
from
bitcoin
given
the
breakout
and
positive
momentum
in
the
intermediate
term.
The
flagship
cryptocurrency
wavered
over
the
$57,000
mark
Tuesday.
At
its
high
of
the
day,
bitcoin
hit
$57,605.51
and
touched
levels
it
hasn’t
seen
in
more
than
two
years,
according
to
Coin
Metrics.
The
$56,400
threshold
will
be
key
for
investors
who
will
monitor
whether
this
latest
jump
sticks.
On
the
downside,
its
January
high
of
about
$47,300
is
the
key
level
to
watch.
Meanwhile,
ether
is
poised
to
confirm
a
breakout
this
week
if
it
holds
above
$2,874.
It’s
up
about
4%
in
the
past
two
days
and
is
currently
trading
at
about
$3,250.
The
second-largest
crypto,
however,
is
likely
to
flash
a
sell
signal
this
week,
which
could
support
two
weeks
of
consolidation,
Fairlead’s
Katie
Stockton
said
in
a
note.
Ether
is
still
outperforming
this
year,
up
42%
compared
to
bitcoin’s
34%,
according
to
Coin
Metrics.
