Bitcoin Rises as Technicians Probe Whether Rally Is Sustainable

Bitcoin is ending the third quarter on a high note, staging its first rally in four days, and technicians are scouring the charts to see if it can sustain the nascent advance.

Bitcoin’s Thursday gain saw it bouncing off its 100-day moving average line and the coin looks to be forming a base around $40,000. Those are two developments that many chartists would consider positives. Its next test is the 50-day line, which currently sits around $46,500. Meanwhile, Federal Reserve Chair Jerome Powell said in a Congressional hearing Thursday that he had “no intention” on banning cryptocurrencies. He did, however, add that stablecoins might be appropriate for regulation.