Bitcoin climbed above $57,000 for the first time since May as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.
As in past rallies, a myriad of reasons are being cited for the latest surge, from an easing of concern about regulatory efforts in the US and China, as well as renewed optimism about a possible US Securities and Exchange Commission approval of a Bitcoin exchange-traded fund.
Analysts who look at patterns in price charts say that $60,000 is the next level of resistance, though Bitcoin’s relative strength index above 70 suggests that its now in overbought territory.
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