After trading below $20K for almost three straight weeks, bitcoin (BTC-USD) has pushed up and over that psychological threshold as market participants become less risk averse across the board despite worsening economic data and growing recession risks. Bitcoin (BTC-USD), which has changed hands in a tight range for the past four months or so, accelerated 4.6% to $20.23K at 2:46 p.m. ET. Ethereum (ETH-USD), the world's largest altcoin by market cap, jumped 11.3% to $1.49K. Among other cryptocurrencies trading deep in the green include cardano (ADA-USD) +14.1%, solana (SOL-USD), +11.9%, polkadot (DOT-USD) +9.7% and uniswap (UNI-USD) +8.6%. For a purely technical perspective, Seeking Alpha contributor Joe Albano pointed out that bitcoin (BTC-USD) is trading within a descending triangle chart pattern, meaning the token "is coiling for a move" probably to the downside, "but the upside looks compelling." If BTC tests the former triple bottom support level, then lower prices may occur thereafter. But the opposite would be true if it breaks out of the descending resistance line and stays above that level."Validation would come once it breaks past the last high within the triangle. In this case, it appears to be the $22,500 level," Albano said. The bullish price action comes as all three major U.S. stock indices (DJI) (SP500) (COMP.IND) marched higher and look to close out the session with a third straight win. That's helped by falling...
