Bitcoin hit its highest level since mid-May and keeps on build momentum.
The biggest cryptocurrency gained Sunday for the eleventh day in the previous 12 and exchanged up to $42,606, it’s most noteworthy since May 18. Market watchers have highlighted $40,000 as a significant intonation point. It was up about 0.5% at $41,739 as of 6:13 a.m. New York time on Sunday.
“A run like this certainly suggests some flow backing,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Saturday. “Of course, it now needs to stabilize here — and above the high from May 20 would be further confirmation.” Bitcoin traded as high as $42,541 on May 20.
Bitcoin, which for quite a long time downward from its mid-April record close $65,000, has now gone through over seven days working back as strong remarks from Elon Musk and Cathie Wood helped knock it out of a declining pattern. Advanced resource-related occupation postings by Amazon.com Inc. what’s more, coming about theory helped too.
Edward Moya, senior market examiner for North America at Oanda Corp., offered a note of alert about the new run.
“Retail interest is strong, while institutional interest is somewhat lagging and needing fresh endorsements,” he said in a note on Friday. “Bitcoin volatility might remain elevated over the weekend and traders should not be surprised if a spike occurs toward the $42,000 level during some illiquid times.”
Still, the cryptocurrency has risen over the past week back above its 50- and 100-day moving averages, with the 200-day at about $44,700 in sight.
“It won’t be surprising to see Bitcoin expand the $30,000 to $42,000 trading range on the upside and attempt $45,000,” Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange, said in a note July 27.
“However, breaking above $50,000 will take some doing for Bitcoin. Only a conclusive break above $50,000 would attract fresh flows and signal a change in the broader direction for the market.”