Bitcoin is surging higher as legacy markets rally. The leading cryptocurrency is up around 5% in the past 24 hours, outpacing many altcoins, with focus re-centering on BTC.
The cryptocurrency seems to be benefiting from a drop in the value of the U.S. dollar. This has historically sent both gold and Bitcoin, along with the stock market, higher.
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There do seem to be some technical reasonings behind Bitcoin’s ongoing rally too, though. Namely, the cryptocurrency managed to close its weekly candle above the pivotal $10,000 support, which is a technical trend that analysts say gives BTC a chance at rallying.
At current, Bitcoin trades for $10,750, having moved above $10,800 just an hour or two ago. This is the highest the cryptocurrency has traded in over a week.
Analysts are optimistic that BTC continues to move higher as technicals and fundamentals continue to suggest more upside is in