At near $43,000, Bitcoin tops 50-day average for first time since November
“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness,” but it’s “being capped by the 50-DMA and needs to close above it,” said Vijay Ayyar, head of Asia-Pacific at Luno Pte. “The next stop from here is $46,000 to $47,000.”
Bitcoin’s rise above the technical mark continues momentum higher amid the better-than-expected US jobs report Friday on the heels of strong earnings from Amazon. The cryptocurrency has been correlated with risk assets in recent months, and the S&P 500 gained 0.5 per cent Friday while the Nasdaq 100 rose 1.3 per cent.
The largest cryptocurrency, which along with Ether was aided by a raft of short liquidations on Friday, “can make further upward progress in the weeks to come” given the technical breakout, said Fundstrat’s Mark Newton in a report. “Initial upside targets lie at $45,000 and then $51,100”.
Other top cryptocurrencies like Ether and Solana were also slightly higher. The standout movers over the last 24 hours included XRP’s 8.1 per cent gain as well as memecoin Dogecoin with a 7.4 per cent advance and Shiba Inu marking a 26 per cent surge, according to pricing from CoinGecko.
