Bitcoin Pushes Past $12,000 Mark for First Time Since September

Bitcoin climbed above $12,000 for the first time in more than a month, breaching a key level that chartists and technicians say might set the largest cryptocurrency up for further gains.

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Though Bitcoin‘s remained volatile all year -- often moving up when U.S. equities do and selling off during risk-off stretches -- it’s been buoyed by a string of positive catalysts in recent weeks. Bulls cite greater institutional acceptance, for instance, with Fidelity Investments launching a Bitcoin fund and a couple of public companies investing in the coin.

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“We see a significant increase in institutional players entering the crypto market,” said Eric Demuth, co-founder and chief executive officer of Bitpanda. “There is a lot of capital available that is not only going into the traditional financial market.”

This week, many crypto fans pointed to a panel hosted by the International Monetary Fund during which Federal Reserve Chairman Jerome Powell said the U.S. central bank is evaluating the costs and benefits of a digital currency.

Bitcoin last traded above $12,000 in September though it didnt hold above that level for long. September was its worst month since March, with the coin losing more than 8%.

Though peer coins tend to move in tandem with Bitcoin, many fell during Tuesdays session. Dash and Monero each lost about 4%.