Cryptocurrency

Bitcoin breaches $57,000 even whilst regulators remain uncomfortable regarding cryptocurrencies

Russell Shor Written by Russell Shor
  • BTCUSD
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Source: www.tradingview.com

Bitcoin traded as high as $57,030 today and is currently trading just below $57,000. This is the highest level since 2021. The cryptocurrency has risen 34% since the start of 2024, driven largely by expectations that the Federal Reserve will cut rates this year, and the start of Bitcoin exchange-traded funds. Another factor is that the next bitcoin halving is due on 19 April.

Market participants will be wondering how much longer the positive momentum in the market will last. Technically, Bitcoin's weekly RSI is over 80 and overbought (green rectangle).

Despite Bitcoin's uptrend, regulators are still uncomfortable when it comes to the cryptocurrency with central banks still expressing concerns. The Atlanta Federal Reserve labelled crypto as risky, while European Central Bank officials stated in a recent blog post that Bitcoin is not suitable for payments or investments, emphasising its fair value is still zero.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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