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Bitcoin Erasing 2022’s Losses Has Bulls Predicting More Gains

  • Next resistance level is $52,000, Copper’s Aboualfa says
  • Past ‘overbought’ levels have tended to lead to gains: Bespoke
Bloomberg business news
WATCH: Bitcoin’s rally over the past two weeks pushed it past a key level of $45,0000 and put the cryptocurrency back into positive territory for the year. Source: Bloomberg
Updated on

Bitcoin broke out of a narrow trading range and wiped away this year’s losses amid a broad rally for cryptocurrencies, sparking speculation that the biggest digital asset could advance past the $50,000 mark soon. 

The token rose as high as $47,583 on Monday, well above the $35,000-to-$45,000 band where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.9% for the year, compared with a 4.7% decline for the S&P 500. Ether similarly bounced as much as 3.7% to $3,358 on Monday, while altcoins such as Solana’s SOL, Avalanche’s AAVE and Dogecoin rose between 5.5% and 9.4%.