Bitcoin rally meets resistance as value approaches its 200-day transferring common
Bitcoin price encountered resistance as it closed its 200-day moving average on Sunday.
Bitcoin BTCUSD, -1.58%, rose as high as $ 44,575 early Sunday – and nearly hit its 200-day moving average of $ 44,600 – before slipping. The world’s largest cryptocurrency by market capitalization was last traded at around $ 43,700 on Sunday evening, according to CoinDesk data.
In a note last weekend, Matt Maley, chief marketing strategist at Miller Tabak & Co. pointed to the 200-day moving average as the next key level for Bitcoin and said that if it breaks that level, “Bitcoin should be very bullish” . Shoot “a lot higher, pretty fast”.
The weekend peak was Bitcoin’s highest value since the last sell-off began in mid-May. Bitcoin is up more than 10% in the past five days and is up 32% in the last month.
Ether ETHUSD, -2.08%,
The cryptocurrency that runs on the Ethereum blockchain continued to recover over the weekend after a hard fork last week. On Thursday, Ethereum activated a massive network upgrade called “London” that added a number of optimization features. The price of ether topped the $ 3,000 mark for the first time since mid-May on Saturday, trading at $ 3,013 on Sunday evening, according to Kraken data. The price has increased about 12% in the past five days.