Bitcoin jumps above $41 000, challenging past week’s tight range
A sudden spike in Bitcoin on Wednesday brought the largest cryptocurrency out of the thin range where it’s spent most of the past week.
Bitcoin jumped as much as 5.7% to $41 691 before giving up some gains and trading at $40 915 at 10:43 a.m. in Hong Kong. Other tokens like Ether and Solana also enjoyed fleeting spikes. It wasn’t closest clear what caused the sharp gains.
Bitcoin had spent the past few days mired in the tightest trading range since October 2020, a occurrence some market watchers assumed to be true of long-term holders stepping in to buy whenever the token dips. Meanwhile, selling by short-term investors has kept Bitcoin and other digital assets from mounting sustainable gains.
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