cryptocurrencies enjoy another day of strong gains, with the Bitcoin up over 7% and heading for the $27,000 mark. The most popular coin today surpassed Tuesday’s local high to set a fresh 9-month high. While cryptocurrencies performed poorly between mid-February and early March, the digital asset market has reversed this week. Actions by US authorities aimed at curbing contagion from the collapse of tech and crypto banks sparked a rally in the cryptocurrency market. Bitcoin is currently trading more than 35% above the local bottom that was hit just a week ago on March 10, 2023. The overall cryptocurrency market saw solid gains this week.
A row of cryptocurrencies is up more than 20% in the past week! Source: xStation5 by XTB
A look at the Bitcoin on the D1 chart shows that the coin has not only fully recovered from the sell-off between February 21 and March 10, but has actually surged well above the mid-Friday high in the $25,000 area. The coin is approaching the $27,000 mark. Short-term potential resistance levels to watch out for are marked with the lower and upper limits of a May-June 2022 short-term trading range at $29,000 and $31,500, respectively. Source: xStation5 by XTB
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