In a recent tweet, veteran trader John Bollinger claims that Bitcoin and Ethereum continue to set up “beautifully” on their weekly chats.
Both $btcusd and $ethusd continue to set up beautifully on the weekly charts.— John Bollinger (@bbands) February 28, 2022
Bitcoin, the world’s largest cryptocurrency recently soared above the $44,000 level, reaching the highest price point since Feb. 17.
On Feb. 28, the bellwether cryptocurrency recorded its largest daily candle, adding roughly 14% over the last 24 hours.
Despite the impressive recovery, the top cryptocurrency is still down roughly 6% since the start of the year. The cryptocurrency is up also down 37.43% from its record peak.
Bitcoin is up roughly 24% since Feb. 24, greatly outperforming other asset classes.
According to Bloomberg, the cryptocurrency’s correlation with the SP500 recently dropped to 0.55 from 0.7, which underscores its diversification benefits.
As for Ethereum, the top altcoin has also surged more than 13% to hit $2,974, the highest level since Feb. 17.