Bitcoin posts longest rally in a month as charts turn bullish

Bitcoin posts longest rally in a month as charts turn bullish
Bitcoin, the biggest cryptocurrency, climbed as much as 4.7% today to $7,035, the highest since 3 August, on course for the first close above its 50-day average since July

Other cryptocurrencies were swept up in the move, with Ripple, Ethereum and Litecoin also advancing at least 3.5%. Photo: Bloomberg
Other cryptocurrencies were swept up in the move, with Ripple, Ethereum and Litecoin also advancing at least 3.5%. Photo: Bloomberg
Eddie van der Walt, Bloomberg
London: Bitcoin advanced for a fourth day, exceeding $7,000 in its longest winning streak in more than a month, and with momentum indicators suggesting the rally has further to run.

The biggest cryptocurrency climbed as much as 4.7% on Tuesday to $7,035, the highest since 3 August, on course for the first close above its 50-day average since July, according to composite weekday prices on Bloomberg. Other cryptocurrencies were swept up in the move, with Ripple, Ethereum and Litecoin also advancing at least 3.5%.

Graphic: Bloomberg
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In addition to breaking above the 50-day moving average, Divergence Analysis Inc.’s (DVAN) Buying and Selling Pressure indicator is also pointing higher.

The asset class has had a tough year, as 2017’s mania ended in a selloff for Bitcoin of as much as 70% from its record intraday high in December. Yet predictions of doom proved premature, and prices have consolidated above the $6,000 level.