Bitcoin pierces $57,000 as traders resume push for record highs

Speculators believe that Bitcoin will retest the record highs established earlier this year, as the most prominent cryptocurrency rose above $57,000 for the first time since May.

The latest rally is being attributed to a variety of factors, including an easing of concerns about regulatory activities in the United States and China and increased confidence about a probable SEC approval of a Bitcoin exchange-traded fund.

According to price chart patterns, $60,000 is the next level of resistance, albeit Bitcoin’s relative strength index is already above 70, indicating that it is overbought.