Bitcoin is mounting a strong bounce from the weekend lows of $15,700. Just minutes ago, the leading cryptocurrency broke to $16,500 and passed it for the first time this year. At its local highs, BTC traded for $16,550.
While BTC trades slightly below those highs, it is positioned to move higher as it looks primed to flip $16,000 into support on a daily time frame.
Chart of BTC’s price action over the past two weeks from TradingView.com
Bitcoin’s ongoing rally comes as the U.S. dollar has begun to show some weakness again. The U.S. Dollar Index has dropped around 20 basis points from the daily high as there are still some expectations of further monetary stimulus.
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Analysts are confident Bitcoin will continue its ascent in the days ahead, citing both technical and fundamental