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Bitcoin rises as high as $47,583 well above the $35,000-$45,000 region band where it has been stuck in consolidation since January.
The world’s largest flagship crypto asset has been trapped in a tight boundary range in recent months – as the Federal Reserve and other central banks took off some of the stimulus measures they put in place in response to the pandemic plunge.
However, Bitcoin broke out of a tight trading range and removed this year’s losses despite a broad rally for cryptocurrencies, triggering the hypothesis that the biggest digital asset could surge past the $50,000 mark soon.
The token surged as high as $47,583 on Monday, well above the $35,000-to-$45,000 band where it’s been lodged since early January. Following the fresh gains, Bitcoin is currently up about 1.9% for the year, compared with a 4.7% fall for the S&P 500.
Similarly, Ethereum leaped as much as 3.7% to $3,358 on Monday, while major altcoins such as Solana’s SOL, Avalanche’s AAVE and Dogecoin rose between 5.5% and 9.4%.
According to data gathered and published by Bespoke,
“This isn’t normally what you see for the typical stock or ETF, but because Bitcoin has mostly traded higher over the years and really has a lot of momentum trading behind it, overbought levels have yet to become a headwind for this particular space,” Bespoke wrote.
Notably, even as the Russian war in Ukraine persists, Bitcoin gains have continued to strengthen due to the sideways trade during the period.