According to Bloomberg News, Bitcoin rose above the 50-day average on Monday, which is the first time since it did after a gap of 60 days. The biggest cryptocurrency surged by 3%, recording at $42,956, compared to the 50-day technical mark that was found to be approximately $42,810. It took the plunge in tandem with the Friday surge, which is being recorded the biggest at the number level of $40,000 and continues to hold over the weekend.
According to Vijay Ayyar, the head of Asia Pacific at Luno Pte, the biggest digital currency has broken down a few levels and trends over the last couple of days and is manifesting bullishness. However, the same is being capped by 50 DMA and must close above it.
Bloomberg News also reports that Bitcoin’s surge beyond the technical limit is continuing higher amidst the better-than-anticipated US job report on Friday following on close heels of solid earnings from Amazon.com Inc. The cryptocurrency is correlated with the risk assets recently, and the S&P 500 earned 0.5% on Friday while NASDAQ 100 surged by 1.3%.
Along with Ether, this biggest digital currency was supported by a series of short liquidations Friday. It is expected to make further upward progress in the forthcoming weeks, given the breakout technically, as stated by Fundstrat’s Mark Newton stated. Upside, the initial targets are $45,000 and $51,000.
Other digital currencies like Solana and Ether were higher as well. Over the last 24 hours, the standout movers include XRP’s 8.1% gain and meme coin Dogecoin with a 7.4% advance and Shibu Inu manifesting a 26% rise, as per CoinGecko pricing.
