Bitcoin's climb above $46K could signal crypto is back into bullish territory

Bitcoin was able to sustain its upward momentum over the weekend and set a new three-month high on Monday. BTC appeared to have shrugged off concerns over the hotly debated infrastructure bill and its implications on crypto taxation as the coin soared above $46,000 for the first time since mid-May.

Bitcoin reached as high as $46,060 on Monday’s trading, rising by as much as 5 percent, Bloomberg reported. The world’s largest crypto by market cap is up by around 17 percent since last week.

With its recent climb, BTC reached its highest level in almost three months. Monday’s high is also the crypto’s highest level since May 16, when Bitcoin hit $49,770.33, according to CNBC.

“This move should be telling us that the worst is behind us for now,” Miller Tabak + Co chief market analyst Matt Maley said. He also expressed optimism for the crypto’s trajectory adding that “the action is very bullish on a technical basis.” BTC could continue to move toward its next resistance at $50,000 unless it reverses immediately.

Bitcoin appears to have sustained its price gains for now. As of writing, BTC only retracted slightly and traded at $45,943 based on Coinmarketcap data.

Some analysts believe that the crypto’s climb to $46,000 could signal that sentiment for BTC is back being bullish. “Bitcoin has found its groove once more over the last week,” OANDA Europe senior market analyst Craig Erlam said. “Now very much back into bullish territory, the question is how far it can go this time around.”

After May’s massive correction, Bloomberg Intelligence’s Mike McGlone said in a note that Bitcoin and Ether are now likely to resume their upward trajectory. He added that price great appreciation usually happens during post-halving years historically and predicted that BTC could reach as high as $100,000.

“A question is whether supply-and-demand conditions have deteriorated since the start of 2021 and compared with Bitcoin’s past,” he wrote. “Our take is that underpinnings are bullish in a maturing environment.”

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