Bitcoin’s Stealth Rally Recovers All of the Year’s Losses

<p>Bitcoin's stealth rally over the last two weeks has not only pushed it past a key level of $45,000, but it has also put the world's largest cryptocurrency back in the black for the year.</p> <p>The cryptocurrency, which has gained more than 15% since March 11, was trading at around $46,600 as of 7:10 p.m. New York time, breaking out of what had been a narrow $35,000 to $45,000 range since early this year. With these new gains, the coin is now up about 0.6 percent on the year.</p> <p>According to Matt Maley, chief market strategist at Miller Tabak + Co., if Bitcoin continues to break through "in a meaningful way," it will gain a lot of upside momentum.</p> <p>The coin has been stuck in a rut as the Federal Reserve and other central banks withdraw some of the stimulus measures enacted in response to the pandemic downturn. As a result, there is less money available to invest in riskier assets such as cryptocurrency. Furthermore, digital currencies have come under scrutiny, with speculation circulating that they could be used to circumvent Russian sanctions, though many analysts refute that claim.</p> <p>Nonetheless, Bitcoin has increased in value this month, coinciding with broader gains in US stocks.</p> <p>"As we test the top of the 2022 trading range for the fifth time," said Antoni Trenchev, co-founder and managing partner at Nexo, "this is another one of these Bitcoin moments when the narrative could quickly change and investors pile in, propelling the Bitcoin price higher." "It may be time to rouse from the Bitcoin-sideways slumber that has been 2022."</p> <p>Despite an increase in crypto assets under management in March, aggregate trading volumes fell 30% to $259 million, marking the fifth month in a row that they have failed to break the downward trend, according to a CryptoCompare report.</p> <p>Bitcoin was trading significantly above its 50-day moving average, which is currently around $41,085. According to Bespoke Investment Group, this puts it in the 80th to 90th percentile and places it in the "overb