Bitcoin Paints New Record High Above $35,000 on Dollar Setback

plj6hn75 980x580

Bitcoin logged more record highs in its first official trading week of the year, raising hopes that it would keep rallying higher after closing the previous year with a gain of 302 percent. The benchmark cryptocurrency opened Wednesday with a wild upside move. It reached a new historic high of $35,868 ahead of the London opening bell. The gains appeared as a part of a retracement rally that started when BTC/USD slumped from its previous record high of $34,810 to $27,678, suggesting incredible support for the pair despite overbought sentiments. Bitcoin corrects lower after hitting fresh highs above $35,000. Source: BTCUSD on TradingView.com The Dollar Sentiment In the last 24 hours, Bitcoin’s gains also surfaced as the US dollar slipped further lower into its 10-month long bearish trajectory. On Wednesday, the US dollar index reached 89.275, its lowest level since April 2018. According to Reuters, investors reduced their greenback bids…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE