Crypto: 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.
Bitcoin BTCUSD, +9.64% surged Saturday and into Sunday, recently trading at $ 37,973. according to CoinDesk, after recovering from its dive below the $ 30,000 level on Tuesday. Bitcoin is up nearly 20% 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 CoinDesk 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 ETHUSD, +5.35% also saw a weekend surge, and is up more than 17% over the past five days. Dogecoin DOGEUSD, +4.72% is up a more modest 8% over that time.
Bitcoin is up 21% over the past month, and is 30% higher year to date, though more than 40% off its April high.