Bitcoin has climbed back above US$6 000. The cryptocurrency, which has been on a wild ride that took it above $19 000 in December 2017 and as low as $3 136.04 in December last year, has clawed its way back to the highest level in more than six months. The asset was up 2.5% to $6 048.52 as of 9.46am in Hong Kong.
“Bitcoin’s long-term technical profiles continue to point to a new up cycle,” said Fundstrat Global Advisors technical strategist Rob Sluymer in a note on 8 May. He said bitcoin is continuing to rebound from support at its 200-week moving average, after telling investors last week to buy. — Reported by Joanna Ossinger, (c) 2019 Bloomberg LP