Bitcoin Hit a 3-Month High

Bitcoin hit a 3-month high. The leading cryptocurrency Bitcoin has exceeded the level of 46 thousand dollars.

While Bitcoin recorded a three-month high on Monday, analysts argue that the coin could reach $50 again. Bitcoin, which reached $ 46 thousand 60 during the trading hours in New York, has increased by almost 17 percent since last week. While Ether, Litecoin and Dash are also rising with Bitcoin, Miller Tabak +Co Analyst Matt Maley stated that the worst is behind, "Bitcoin can quickly reach $ 50,000 if the upwards movement continues. It may encounter some resistance as well." Bitcoin's rise started as the US Congress debated an infrastructure plan for how cryptocurrencies should be taxed. While the 14-day relative strength index (RSI) in Bitcoin indicates that the cryptocurrency is overbought, Bitcoin has risen above its 200-day moving average. Craig Erlam, Oanda Senior Market Analyst, said, "Bitcoin once again found its rhythm last week. It is currently on a massive uptrend, but the real question is how long will it last this time?"