Bitcoin rises above $6 000 level for first time since November

Bitcoin has climbed back above $6 000.

The cryptocurrency, which has been on a wild ride that took it above $19 000 in December 2017 and as low as $3 136.04 in December last year, has clawed its way back to the highest level in more than six months. The asset was up 2.5% to $6 048.52 as of 9:46 a.m. in Hong Kong.

Read: Bitcoin climbs to highest level this year as volatility recedes

“Bitcoin’s long-term technical profiles continue to point to a new up cycle,” said Fundstrat Global Advisors technical strategist Rob Sluymer in a note May 8. He said Bitcoin is continuing to rebound from support at its 200-week moving average, after telling investors last week to buy.

© 2019 Bloomberg L.P