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Bitcoin breaks through $49,000 for the first time since December 2021

Jaap Arriens | NurPhoto | fake images

bitcoin rose above $49,000 on Monday, at one point reaching its highest level in more than two years.

The price of the flagship cryptocurrency was last up 3% at $49,692.10, according to Coin Metrics, a level not seen since December 2021.

Bitcoin is coming off its best week since December 8, ending up 10.76% on Friday.

Positive sentiment has returned to cryptocurrencies after large outflows from the Grayscale Bitcoin ETF suppressed sentiment over the past month. Additionally, bitcoin received a bid last week from the stock market, where the S&P 500 surpassed 5,000 last week.

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Bitcoin is approaching $50,000

Investors have been eyeing approximately $48,600 as a key resistance level. If Bitcoin can break through that level and hold it, the door could be open for it to reach new highs above $50,000 and perhaps even a new all-time high around the $69,000 level, chart analysts say.

The rise sent crypto stocks higher. Cryptocurrency exchange Coinbase gained more than 5% while bitcoin proxy Microstrategy advanced almost 10%. Several mining stocks rose double digits. The two largest miners, Riot platforms and Digital Marathonthey increased by 11% and 14%, respectively. clean spark increased by 16% and iris energy increased around 18%.

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