Bitcoin all-time high but beware the head and shoulders [Video}

Cryptocurrencies moved significantly higher at Monday’s European open and maintained a strong tone into the European close.

Bitcoin strengthened to a high above $63,500, but was unable to make a fresh all-time high and retreated to near $62,500 at the New York close.

The sentiment was underpinned by the latest data on capital flows which indicate that there were record inflows into crypto assets in the latest week.

Confidence was also boosted by reports that Mastercard was expanding the accessibility of crypto services with bitcoin trading close to $62,500 on Tuesday.

Ether pushed above $4,200 after the European close before a limited correction and traded just above this level on Tuesday.