The price of bitcoin has spiked in recent weeks and appears poised to break $600 for the first time since 2014, as growing uncertainty over China’s yuan policy has triggered renewed buying interest in the cryptocurrency.
The price of bitcoin, as expressed by the BTC/USD exchange rate, approached $591 last week for the first time since July 2014, according to the CoinDesk Bitcoin Price Index. The BTC/USD exchange rate was last seen trading at $582.00 Saturday, having declined 0.6% from the previous close. The cryptocurrency edged up only slightly last week after a dramatic rise at the end of May.
Since May 26, the price of bitcoin has surged by nearly 30%, pushing the cryptocurrency into overbought levels on the Relative Strength Index (RSI). The RSI peaked near 90 in early June and was last seen around 79.5.
Price action has strengthened, with the 20-day and 50-day moving averages on sharp upward trajectories.
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