Bitcoin’s recent rally may be entering a new extension.
The leading cryptocurrency is now trading above its upper Vera band limit, according to new analysis from Bloomberg. The indicator identifies upward and downward trends and shows a breakout may be on the horizon.
“Bitcoin’s followed a similar trend since mid-February and has breached yearly highs at least once every month since then. The cryptocurrency broke above its upper band limit for the first time this year in early February, for instance, and reached a fresh yearly high shortly afterward.”
Industry insiders are also eyeing Bitcoin’s latest move. Bullish sentiment affirms that the industry’s ability to draw in major corporate and big tech players like Facebook and Fidelity is strengthening the market.