Bitcoin rally extends into fifth day as major players voice support for cryptocurrency

Bitcoin rally extends into fifth day as major players voice support for cryptocurrency

Bitcoin was trading at $56,166 at 2:46pm GMT, marking a day-by-day gain of more than three percent, according to CoinDesk.

The cryptocurrency climbed for the fifth straight day on Wednesday, hitting a record high over the past month as support keeps on building among major financial institutions and corporate giants.

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“Bitcoin is recovering after having logged a short-term oversold reading in late February above its rising 10-week moving average,” Katie Stockton, a technical analyst for Fairlead Strategies, wrote in her newsletter, seen by CoinDesk.

“Short-term momentum is positive and there is room to initial and final resistance near $58,000,” the analyst added.

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Published time: 2021-03-10 18:03:15
Source: www.rt.com