Bitcoin Surpasses $46,000... Aiming for $50,000 Target

200-Day Moving Average Also Surpassed
'Positive Reaction' to US Senate Cryptocurrency Tax Bill Passage
Yellen Also Welcomes Congressional Legislation in Statement

[Asia Economy New York=Correspondent Baek Jong-min] The upward trend of the cryptocurrency Bitcoin is showing no signs of slowing down. Bitcoin has surpassed $40,000, recovered to the $46,000 range, and is now aiming for the $50,000 mark.

[Image source=Reuters Yonhap News]

According to CoinMarketCap on the 9th (local time), the price of Bitcoin is forming at $46,331, up 5.49% compared to 24 hours ago.

Bitcoin's price hovered around the $43,000 level until 6 a.m. that day but then gained momentum and surged to the $46,000 range.

This is the first time since May 16 that Bitcoin's price has exceeded $46,000. Bitcoin rose 15% last week and 36% over the past month.

Bitcoin's price also broke through the 200-day moving average for the first time since April.

CoinDesk analyzed that the U.S. Senate's agreement on cryptocurrency taxation as part of a $1 trillion infrastructure investment bill is driving up cryptocurrency prices. This bill is expected to be processed in the Senate by Tuesday.

U.S. Treasury Secretary Janet Yellen also welcomed the cryptocurrency taxation bill under discussion in the Senate in a statement that day, saying it "could represent meaningful progress in preventing tax evasion in the cryptocurrency market."

Thomas Lee, partner at Fundstrat, predicted, "Since Bitcoin has broken through the 200-day moving average, it is expected to continue a strong upward trend until the end of the year." CoinDesk presented the next resistance level as between $50,000 and $55,000 based on technical analysis.

Ethereum is also trading at $3,107, up 3.88%. Ethereum has shown strength following the 'London Hard Fork' and is attempting to stabilize in the $3,000 range.

Dogecoin is trading at 25.4 cents, up 4.8%.

Along with Bitcoin's strength, related stocks in the cryptocurrency market are also on the rise. Coinbase surged by 8.6%. Mining-related stocks such as Bit Mining and CleanSpark also showed double-digit gains.

This content was produced with the assistance of AI translation services.