Bitcoin rally extends into fifth day as major players voice support for cryptocurrency

The world’s top digital asset, bitcoin, continued to rally on Wednesday, pushing above $56,000. The surge comes as major pullback in US government-bond yields sparks demand for risky assets like cryptocurrencies.

Bitcoin was trading at $56,166 at 2:46pm GMT, marking a day-by-day gain of more than three percent, according to CoinDesk.

The cryptocurrency climbed for the fifth straight day on Wednesday, hitting a record high over the past month as support keeps on building among major financial institutions and corporate giants.

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“Bitcoin is recovering after having logged a short-term oversold reading in late February above its rising 10-week moving average,” Katie Stockton, a technical analyst for Fairlead Strategies, wrote in her newsletter, seen by CoinDesk.

“Short-term momentum is positive and there is room to initial and final resistance near $58,000,” the analyst added.

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