- Bitcoin (BTC) trading around $56,248.28 as of 21:00 UTC (4 p.m. ET). Climbing 3.54% over the previous 24 hours.
- Bitcoin’s 24-hour range: $53,101.24-$57,336.75 (CoinDesk 20)
- BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin gained for a sixth straight day, extending its longest winning streak of the year and approaching the record high price reached last month.
The largest cryptocurrency was changing hands above $56,000, up about 3% on the day, and within range of a quick run to the all-time high of $58,332.
“We continue to see strong upward momentum from technicals,” Gary Pike, director of sales and trading at institutional cryptocurrency trading platform B2C2 USA, told CoinDesk. “One should not be surprised for bitcoin to test the old highs and potentially break through.”
The day’s gains came amid fresh evidence of two big bullish market drivers over the past year: Bitcoin’s increasing use as a hedge against inflation in the face of trillions of dollars of economic stimulus, and its increasing adoption by big institutional buyers.
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