Bitcoin
and other cryptocurrencies continued their rally on Friday as digital assets neared peaks reached last month. Crypto bulls are looking for Bitcoin to finish the week above a key level, which, if accomplished, could pave the way for more gains.
The price of Bitcoin has jumped 4% over the past 24 hours to $46,900, having previously traded as high as $47,700. The largest digital asset has pushed to its best levels since mid-January, when the frenzy over the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. sent prices to near $49,000, their highest point since early 2022. Bitcoin’s rally in recent days marks a break from a period of stagnant trading closer to $40,000, where the token had languished for weeks.
“All eyes are now on whether Bitcoin can break above the previous highs from which it pulled back shortly after the initial reaction to the launch of spot ETFs,” said Alex Kuptsikevich, an analyst at broker FxPro. “A growth above the $49,000 level would set the stage for a test of the all-time highs soon.”
Bitcoin has benefited not only from spot Bitcoin ETFs, but also a surge in investor sentiment for risk across wider markets, with the
Dow Jones Industrial Average
and
S&P 500
rallying as stocks remain near record-high levels.
Gains for Bitcoin significantly improve the technical market backdrop, analysts said, with momentum behind cryptos suggesting that further advances could come. In focus is whether Bitcoin can finish the week above a key level.
“The weekly chart shows that Bitcoin has not had a weekly close above $44,000 since March 2022. Even though Bitcoin has reached above that level several times in the past two months, it could not close above it. So, any close above $44,000 by the end of the week can be considered a bullish sign,” said Rachel Lin, CEO of trading platform SynFutures.
Beyond Bitcoin,
Ether
—the second-largest crypto—rose 2.5% to near $2,500. Smaller tokens or altcoins were slightly more muted, with
Cardano
and
Polygon
climbing 1% each. Memecoins were similarly in the green, with
Dogecoin
and
Shiba Inu
up 1% each.
Write to Jack Denton at [email protected]
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