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BTC/USD extends its gains, topping $5,700 and trading at the highest levels since mid-November 2018. Bitcoin is up some 5.5% on the day and is enjoying the best week since it broke higher in early April.

Cryptocurrency bulls are taking over amid recent optimistic news about institutional adoption that emerged earlier this week.  

Bitcoin daily chart:

Bitcoin surging above $5,700 May 3 2019

The relative strength index on the daily chart shows that the granddaddy of digital coins is entering overbought conditions, but only just. BTC/$ is trading above the 50-day, 100-day, and 200-day Simple Moving Averages.