Chart Of The Day: Bitcoin Could Be Heading To $90,000 – Investing.com

Chart Of The Day: Bitcoin Could Be Heading To $90,000 – Investing.com

At time of publication, , which hit a new on Tuesday by breaking through the $68,000 level, has retreated. Still, the token continues to trade near its benchmark level, maintaining its rally for now, which has extended into a fourth day.

On Monday alone, Bitcoin surged 6.7%. Over the course of the current four-day rally the cryptocurrency is up 11.4%. Analysts of the asset class are crediting the record breaking gains to a supply squeeze amid growing global interest in cryptocurrencies. The market cap of the entire digital asset class was boosted by the move, exceeding the $3 trillion mark for the first time on Monday, raising the total valuation for the entire cryptocurrency market by more than 280% this year alone.

Whether or not the fundamentals justify the current price action, the recent upmove initiated a technical momentum chain reaction that could take Bitcoin toward $90,000.