Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin trades above 50DMA after breaking key resistance

Published 07/02/2022, 12:26
Updated 07/02/2022, 12:30
© Reuters

© Reuters

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%.  

 

Latest comments

How to earn money in this app? can you guys help me please.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.