Bitcoin (BTC) made its first move above $20,000, as traders expected traditional resistance to limit advances on Tuesday, as reported by Cointelegraph.
According to Cointelegraph Markets Pro and TradingView data, the Bitcoin/US dollar pair was up over 5% 24 hours before Wall Street opened.
At the outset of the week, the pair had shrugged off macroeconomic concerns, with Credit Suisse problems and the rising Russia-Ukraine crisis not slowing performance.
Short-term analysis now focuses on a run likely topping out closer to $21,000, as was the case late last month, as sell-side pressure remained considerable at that level.
According to Cointelegraph, despite the potentially limited upward potential, Bitcoin soared in tandem with a broader risk asset wave that saw US equities finish substantially higher the day before.
At the same time, the US dollar weakened, with the US dollar index (DXY) extending losses to almost 111 points, threatening support that had been in place since mid-September.
(With insights from Cointelegraph)