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Bitcoin hits highest level since May

Bitcoin hits highest level since May

Mubasher: Bitcoin has risen above its 50-day moving average for the first time since 12 May 2021, trading above a crucial technical level over the weekend.

This surge followed comments from Ark Investment Management’s Cathie Wood and Tesla CEO, Elon Musk, which helped boost the largest cryptocurrency’s momentum, Bloomberg reported.

On 25 July, Bitcoin rose to mark its fifth consecutive day of gains to as high as $34,609.

Last week, Musk said he wants Bitcoin to succeed and that his space-exploration company SpaceX owns some. Meanwhile, Wood said corporations should consider adding Bitcoin to their balance sheets, while the CEO of Square, Jack Dorsey, said the coin is resilient.

Bitcoin is expected to hit $44,000 where the pattern’s objective and Bitcoin’s 200-day moving average are converging. Analysts believed that recent price action indicated that near-term resistance may lie in the $41,000 to $42,000 area.

During the next couple of months, “Bitcoin should face little resistance between $35,000 and $40,000 levels,” according to CEO of crypto-derivatives exchange Delta Exchange, Pankaj Balani.