Bitcoin price breaks through $46,000, hitting a 3-month high

Bitcoin, the largest cryptocurrency by market value, surged above $466,000 on Sunday, rising more than 4% in two hours to its highest level in three months. Since Sunday, Bitcoin has risen more than 12% after climbing for six consecutive days.

Ethereum and most other major cryptocurrencies also rose. Ethereum, the second-largest cryptocurrency by market value, followed a similar pattern to Bitcoin on Sunday, surpassing $3,250, its highest level since early February. Solana, Cardano and Avalanche, among other altcoins, also rose, with Dogecoin and Shiba Inu up about 6% and 3%, respectively.

“Volume is picking up as buyers try to turn this resistance line into support and move pricing higher,” said Joe DiPasquale, CEO of fund manager BitBull Capital. “If we can’t hold above this line, we’ll see consolidation at lower levels.”

DiPasquale said Bitcoin had a strong week, noting that it had shown resilience following the Federal Reserve’s decision to raise interest rates last week and as the economic fallout from Russia’s invasion of Ukraine continued to escalate.

But he was also cautious in his assessment of the coming days, “While market participants are starting to turn bullish and the fear and greed index is neutral, Bitcoin bulls want to see prices consolidate above $46,000 for further continuation,” he said. “The coming week is also important as it marks the end of the quarter, after which we may see increased volatility.”