The crypto was trading above its 50-day moving average Monday, for the first time since November, when the cryptocurrency climbed toward its all-time high.
Bitcoin rose above $44,000 briefly on Monday, continuing the momentum from the end of last week and the weekend.
Katie Stockton, managing partner at research firm Fairlead Strategies, wrote in a Monday note that from a technical perspective, “an upturn in the weekly stochastics supports a breakout, which would target a Fibonacci level near $47.6K.” However, the recent gains look “more of a technical move rather than any fundamental shift,” Cawley wrote. “The recent push higher in Bitcoin has sent it into overbought territory and this needs to be negated to allow BTC to push higher.”
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