Bitcoin broke through $50,000 to start the week and although a stubbornly high inflation reading has pulled it lower since, the cryptocurrency is still in safe territory, according to chart analysts.
On Monday, the cryptocurrency finished above $50,000 – at one point rising to $50,334.00, its highest level since December 2021.
BTC.CM= YTD mountain Bitcoin year-to-date Other chart analysts echoed that investors need not be too concerned about a significant decline from here.
"Old resistance becomes support and that $46,000 to $48,000 can then become the jumping board for a continuation of the rally."
Katie Stockton of Fairlead Strategies agreed the bitcoin chart supports "a long-term bullish bias."
Persons:
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Organizations:
CNBC, Fairlead
Locations:
overbought