Bitcoin back to Positive Territory For The Year pushed it past a key level of $45,000. The token soared as high as $47,583 in early Hong Kong trade, far above the $35,000-to-$45,000 area where it’s been trapped since early January. With the recent gains. Bitcoin is currently up roughly 1.2 percent for the year, compared with a 4.7 percent fall for the S&P 500.
As the Federal Reserve and other central banks withdraw stimulus measures they implemented in response to the global downturn, the currency has been locked in a tight course. Because of this, riskier investments, such as cryptocurrencies, will have less money to invest in them. There was also some conjecture that digital currencies may be used to avoid Russian sanctions, although this has been refuted by several specialists.
For all of Bitcoin’s recent strength, its performance has been bested over the past few days by alt coins like Cardano, Solana, Polkadot and Dogecoin. Cardano in particular has found favor with traders, jumping 30% over the past five days. Those tokens remain down for 2022, however.
Currently trading above major anchored vwap and 100-day moving average , BTCUSD now looking to test 200-day moving average. Keep an eye on the 50k level and also U.S. stocks. As we think markets discounting possible more aggressive hikes by the Fed and not to forget job data this week could raise the possibility.