Bitcoin’s all-time high is in clear sight after the cryptocurrency surpassed $57,000 on Tuesday. The flagship crypto is now roughly 20% off its November 2021 all-time high of $68,982.20, and it just cleared a key resistance level, according to Fairlead Strategies. “The main thing to highlight is the confirmed breakout above $48,000, which targets final resistance [of about] $64,900,” said Will Tamplin, senior analyst at Fairlead. BTC.CM= 5D mountain Bitcoin this week confirmed a breakout above $48,000 Oppenheimer chart analyst Ari Wald confirmed that outlook. “Positive momentum for the price of bitcoin supports higher prices over the coming months,” he said. “The rally above $48,000 marked a notable breakout above the currency’s April 2022 peak and sets the stage for a test of $65,000 resistance marking peaks levels from 2021.” Bitcoin has gained 10% over the past two days. Short-term indicators suggest there could be a brief period of digestion for the market, according to Fairlead. However, the firm does not expect a major pullback from bitcoin given the breakout and positive momentum in the intermediate term. The flagship cryptocurrency wavered over the $57,000 mark Tuesday. At its high of the day, bitcoin hit $57,605.51 and touched levels it hasn’t seen in more than two years, according to Coin Metrics. The $56,400 threshold will be key for investors who will monitor whether this latest jump sticks. On the downside, its January high of about $47,300 is the key level to watch. Meanwhile, ether is poised to confirm a breakout this week if it holds above $2,874. It’s up about 4% in the past two days and is currently trading at about $3,250. The second-largest crypto, however, is likely to flash a sell signal this week, which could support two weeks of consolidation, Fairlead’s Katie Stockton said in a note. Ether is still outperforming this year, up 42% compared to bitcoin’s 34%, according to Coin Metrics.
This story originally appeared on CNBC
