Bitcoin price hits 3-month high above $46000

Bitcoin, the largest cryptocurrency by market capitalization, surged above $466,00 on Sunday, gaining more than 4 percent in two hours to its highest level in three months. Bitcoin has risen more than 12 percent since last Sunday after climbing for six straight days. Ethereum and most other major cryptocurrencies

Bitcoin, the largest cryptocurrency by market capitalization, surged above $466,00 on Sunday, gaining more than 4 percent in two hours to its highest level in three months. Bitcoin has risen more than 12 percent since last Sunday after climbing for six straight days.

Ethereum and most other major cryptocurrencies are also rising. Ethereum, the second-largest cryptocurrency by market cap, followed a similar pattern to Bitcoin on Sunday, surpassing $3,250, its highest level since early February. Solana, Cardano, and Avalanche, along with other altcoins, also rose, with Dogecoin and Shiba Inu gaining around 6% and 3%, respectively.

Joe DiPasquale, chief executive of fund manager BitBull Capital, said: “Volumes are rising as buyers try to turn this resistance line into support and price in further. If we can’t stay above this line, we will Consolidate lower prices.”

Bitcoin has had a strong week, DiPasquale said, noting its resilience in the wake of the Federal Reserve’s decision to raise interest rates last week and the continued escalation of the economic fallout from Russia’s invasion of Ukraine.

But he is also cautious in his assessment of the coming days, “While market participants are starting to be bullish and the fear and greed index is neutral, Bitcoin bulls would like to see prices consolidate above $46,000 for further continuation,” he said. “The week ahead is also important because it marks the end of the quarter, after which we may see increased volatility.”

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