Bitcoin trades above 50DMA after breaking key resistance
Investing.com
Published Feb 07, 2022 12:26
By Samuel Indyk
Investing.com – Bitcoin rose to its highest price since 20th January after breaking above key resistance on Friday and holding onto gains during the weekend.
Bitcoin had found resistance at a downward trendline in the latter part of 2021 and early part of this year. The cryptocurrency touched the trendline three times last week before finally breaking above it on Friday afternoon.
The apex cryptocurrency also broke above $40,000 for the first time since 21st January.
The break above the trendline and psychological $40,000 level saw Bitcoin rally as much as 11% on Friday to have its best day since an 11.8% gain in June last year.
The gains continued over the weekend and on Monday morning which saw Bitcoin briefly trade above its 50-day moving average for the first time since 18th November last year. The 50-day moving average currently resides at $42,800.
Other major cryptocurrencies are also trading higher on Monday. The second largest crypto by market cap, Ethereum, is up 1.6% today and over 20% in the last seven trading days.
The best performing cryptocurrency in the top 10 is XRP which has risen 15% in the last 24 hours.
The dog-based cryptocurrencies are also trading higher. Dogecoin is up 6% over the last 24 hours and Shiba Inu is higher by 21.5%.
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Written By: Investing.com
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