Bitcoin has taken off since Sunday night, but is it sustainable?

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Bitcoin has taken off since Sunday night, but is it sustainable?
Credit: © Reuters.

Inversting.com - After a sharp fall at the end of last week, amid risk aversion due to panic over the new Covid-19 interest variant, Omicron, and after a consolidation over the weekend, Bitcoin has been waking up since Sunday evening.

While BTC/USD marked a low of around $53,500 yesterday at 7pm, the cryptocurrency then jumped to a high of $58,280 around 2am, up almost 9% in around 7 hours.

Currently, Bitcoin is trading at around $57,500, against immediate resistance at $58,000, and above initial support around $57,000.

It should be noted that no particular news seems to be driving Bitcoin's rise since last night, as the Omicron variant of the covid continues to worry the market, with new travel restrictions already in place, and a virus that experts expect to spread around the world.

It is also worth noting that the rebound posted by Bitcoin since yesterday evening also concerns most of the other crypto-currencies. In fact, only 4 of the top 100 crypto-currencies are down over 24 hours at the time of writing:

Conversely, there are crypto-currencies that are performing well above Bitcoin since yesterday, with the top 3 largest increases in the Top 100 being in Altcoins below:

The Sandbox : +28
Gala : +22
WAX : +17

Finally, coming back to Bitcoin, from a chart perspective, a return above $60,000 is needed to start challenging Bitcoin's bearish profile on a daily basis.

On the downside, an important support is located around $53,500, and a breach of this could put the major psychological threshold of $50,000 in the sights of the bears.

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  • Props Pretorius @Props Pretorius
    Will be looking to purchase Bitcoin at around 55972.63minor support.
    Like 0