What is the reason for Bitcoin’s 14% rise this week?

“We have broken the key point of breakdown level from May, which was around $50K,” wrote Blockware Intelligence in a research report. “In the short term, we are seeing some resistance from this last $56K-$58K area, which is not unexpected as there is a fair amount of overhead supply there from earlier this year.”

Bitcoin briefly broke above $56,000 early Friday, notching its highest level since May, before declining to around $54,000. Some analysts attributed the overall surge to Chinese buyers returning after the market settled after the initial news of China’s crypto ban.

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