(Bloomberg) -- Bitcoin is nearing the key $50,000 level as it continues to rise out of a multi-month period of weakness.
The largest cryptocurrency reached as high as $49,803, the highest since May 15, midday Saturday in New York. It was trading around $49,000 as of 9:30 a.m. Sunday. Its rally is overcoming a rare confluence of technical obstacles, including an April low of about $47,000 and a Fibonacci and Ichimoku cluster between $47,000 and $48,000.
The 61.8% Fibonacci retracement of the April to June downtrend -- at $51,000 -- still looms as a potential obstacle, along with the round-number $50,000 mark.
“The next major resistance, for now, is at the $50,000 zone,” said Konstantin Anissimov, executive director at CEX.IO crypto exchange. “Should more buyers dive in to push the price above the $50,000 level, a frenzy may be ushered in to steer the price toward a medium-term target of $55,000.”
Bitcoin has recovered after trading in a range of about $30,000 to $40,000 for many weeks, after it plunged from a record near $65,000 in mid-April. Still, it's up significantly in the past year amid institutional adoption and endorsements from big names like Paul Tudor Jones and Stan Druckenmiller. Global crypto adoption has risen some 881% in the past 12 months, according to Chainalysis.
The total market value of cryptocurrencies was at $2.17 trillion on Sunday, according to data from CoinGecko.com, up 1.1% in the past 24 hours. The overall value has been helped in the past seven days by the 18% rally in Cardano and Binance Coin's 11% gain, while Dogecoin is up about 9% over the period and Solana 73%, CoinGecko pricing showed.
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