Bitcoin rallies, tops key technical level for first time since early May

27 Jul 2021, 05:44 · Views 296

The price of bitcoin rallied over the weekend, trading above its 50-day moving average for the first time since early May.

Bitcoin BTCUSD, -1.85% surged Saturday and Sunday and into Monday, recently trading at $38,924. according to CoinDesk, after recovering from its dive below the $30,000 level on Tuesday. Bitcoin is up 26% 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.

Gains were also attributed to a job vacancy advertised by Amazon AMZN, +1.18% last week — Digital Currency and Blockchain Product Lead — that led some to believe the ecommerce giant could be nearing acceptance of cryptocurrencies as payment.

The price of ethereum ETHUSD, -2.10% also saw a weekend surge, and is up more than 17% over the past five days. Dogecoin DOGEUSD, -3.30% 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.

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Bitcoin rallies, tops key technical level for first time since early May

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