Bitcoin's Jump Out of Its Recent Range Boosts Investor Confidence — Market Talk
Bitcoin's rise past $120,000 for the first time is driven by growing investor confidence after the cryptocurrency broke out of a recent narrow trading range, Tickmill Group's Patrick Munnelly says in a note. This range had previously fuelled skepticism about bitcoin's ability to regain its strong upward momentum earlier in the year, he says. Uncertainties surrounding Trump's political and economic policies were dampening appetite for bitcoin, keeping it in a range. "Now, as other risk assets like stocks achieve new record highs, bitcoin has reignited its upward trajectory, capturing renewed market enthusiasm." Bitcoin rises 2.8% to $122,549 after earlier hitting a record high of $123,153, according to LSEG. ([email protected])