Bitcoin extends winning streak, advances near $58,000

Bitcoin’s price stretched its winning run to a seventh day as a revived appetite for risk-taking in traditional markets lifted U.S. stocks to new record peaks.

The catalyst was a U.S. government report that indicated a slower-than-anticipated inflation rate in February, which eased investors’ jitters that fast-soaring consumer demand may push prices climbing higher as the economy reheats.

Bitcoin (BTC) traded around $57,572.97 as of 4 p.m. Eastern Time, soaring 2.10% in the last 24 hours. The crypto’s 24-hour range was at $54,323.60-$57,632.80, as per CoinDesk 20.

Risk sentiment upbeat

Bitcoin saw a return to stable form late Thursday after a drop to $54,400 suddenly reversed, sending the BTC/USD pair to peaks of $57,200.

With buyer support in the evidence, the currency pair is still to break out of its current wide trading range, bordered by record support at $46,000 and the current all-time peaks of $58,300, CoinTelegraph reported.

Risk sentiment in the world markets has been “very upbeat in the aftermath of yesterday’s U.S. inflation data,” Muyao Shen of Coindesk quoted Joel Kruger, cryptocurrency strategist at LMAX Digital, as saying. “This has helped to offer additional support to the bitcoin market,” Kruger added.

Strong market rally

A major market advance has pushed bitcoin’s price up by 20% since the beginning of the week, taking it to less than $2,000 of its all-time peak on Wednesday. BTC traded above $56,000 as of press time, having climbed from about $47,00 since the weekend.

Meanwhile, Kruger has cautioned that investors should stay wary of the short term before the U.S. central bank’s meeting next week, when Federal Reserve officials led by its chief, Jerome Powell, are expected to lay down in more detail their latest viewpoint on monetary policy.

Bitcoin’s latest rally in terms of value is part of a much broader trend that has seen the top crypto’s price skyrocket more than ten times over the last 12 months.

 

Image courtesy of Karolina Grabowska/Pexels

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