Bitcoin outshines gold as inflation expectations rise.
There's a debate raging among bitcoin technical analysts over whether the "bull flag" chart pattern even has a flagpole.
BTC stalled just shy of $60K resistance during Asia hours. Support is around $54K.
Bitcoin's funding rates are rising, a sign traders are willing to take more risk in betting on a fresh rally.
The recent rise appears to show traders finding a renewed appetite for risk taking following a market shakeout over the past of couple weeks.
Intraday overbought signals are not yet extreme, which should keep buyers active towards $60,000-$61,000.
About 87% of bitcoin's performance was delivered while the U.S. 10-year bond yield has been rising, one observer said.
No wonder cryptocurrency markets were so lackluster last week: There just wasn't much appetite from investors to put new money into funds.
But traders should continue to monitor intraday resistance levels as the broader uptrend from January slows.
Bitcoin picks up a bid as payments giant Visa adds support for USDC – the second-biggest stablecoin.
"Nothing like this has ever happened before," says economist Ian Shepherdson.
BTC held support around $50K and is approaching resistance around $56K.
The stimulus checks are in the mail so it might be too early to call the hyped-up episode a dud.
The GSA's next BTC auction could fetch more than $300K, generating even more excitement among cryptocurrency investors.
For now, bitcoin continues to hold long-term trend support above $50,000, with lower support around $42,000.