From a 50-day technical low of $42,810, Bitcoin has risen 34% to $42,956. The leading cryptocurrency surged on Friday, the greatest since October, to reclaim the crucial round-number milestone of $40,000, which was held over the weekend.
Bitcoin shows signs of bullish growth
Over the last few days, Bitcoin has broken above certain significant levels and a downtrend line, indicating bullishness, but it is capped by the 50-DMA, which it should close above. From here, the next stage is $46,000 to $47,000, “said Vijay Aiyar, Luno Pte’s Asia Pacific head.
Bitcoin’s rise above the technical resistance level has continued on the back of what was expected to be the best-ever U.S. employment report on Friday, as well as strong Amazon.com Inc. earnings. In recent months, cryptocurrency has been linked to risky assets, with the S&P 500 rising 0.5 percent and the Nasdaq 100 rising 1.3 percent on Friday.
“Given the technical breakthrough, Bitcoin, which was aided by a series of short liquidations on Friday, could see additional increases in the coming weeks.” In a report, Mark Newton of Fundstrat noted, “The initial growth targets are $45,000, followed by $51,000.”
Following CoinGecko, notable swings in the last 24 hours include increases in Ether, Solana, XRP, as well as Dogecoin, memcoin, and Shiba Inu.