Market News

(Bloomberg) -- Bitcoin climbed above $57,000 for the first time since May as speculators bet that the largest cryptocurrency will retest the record highs reached earlier this year.  

As in past rallies, a myriad of reasons are being cited for the latest surge, from an easing of concern about regulatory efforts the U.S. and China, as well as renewed optimism about a possible U.S. Securities and Exchange Commission approval of a a Bitcoin exchange-traded fund.

Analyst who look at patterns in price charts say that $60,000 is the next level of resistance, though Bitcoin’s relative strength index above 70 suggests that its now in overbought territory.