Crypto: Bitcoin rally meets resistance as price approaches its 200-day moving average

United States

The price of bitcoin met resistance as it closed in on its 200-day moving average Sunday.

Bitcoin BTCUSD, -1.66% rallied as high as $ 44,575 early Sunday — almost hitting its 200-day moving average of $ 44,600 — before slipping. The world’s largest cryptocurrency by market cap was last trading at about $ 43,700 on Sunday night, according to CoinDesk data.

In a note last weekend, Matt Maley, chief market strategist at Miller Tabak & Co., pointed to the 200-day moving average as bitcoin’s next key level, and said if it breaks that level “it should be very bullish for bitcoin,” shooting “a lot higher rather quickly.”

The weekend peak was bitcoin’s highest level since its most recent selloff began in mid-May. Bitcoin has rallied more than 10% over the past five days, and is up 32% over the past month.

Ether ETHUSD, -2.09%, the cryptocurrency that runs on the Ethereum blockchain, also continued to rally over the weekend, following a hard fork last week. On Thursday, Ethereum activated a massive network upgrade, dubbed “London,” which added a number of streamlining features. The price of ether topped $ 3,000 on Saturday for the first time since mid-May, and was trading around $ 3,013 as of Sunday night, according to Kraken data. Its price is up about 12% over the past five days.