Bitcoin rallies, tops key technical level for first time since early May
The price of bitcoin rallied over the weekend, trading above its 50-day moving average for the first time since early May.
surged Saturday and into Sunday, recently trading at $35,300. according to Fintech Zoom, after recovering from its dive below the $30,000 level on Tuesday. Bitcoin is up more than 10% over the past five days.
The weekend gain put bitcoin above its 50-day moving average for the first time since May 9, according to Fintech Zoom data.
The world’s largest cryptocurrency got a boost from some influential names last week, after positive comments by Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Invest’s Cathie Wood.
The price of ethereum
also saw a weekend surge, and is up more than 12% over the past five days. Dogecoin
is up a more modest 5% over that time.
Bitcoin is up 10% over the past month, and is nearly 20% higher year to date, though about 50% off its April high.