Bitcoin hit its highest level since mid-May and continues to build momentum.<\/p>\n
The largest cryptocurrency gained Sunday for an 11th day in the past 12 and traded up to $42,606, its highest since May 18. Market watchers have pointed to $40,000 as an important inflection point. It was up about 0.5% at $41,739 as of 6:13 a.m. New York time on Sunday.<\/p>\n
\u201cA run like this certainly suggests some flow backing,\u201d said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Saturday. \u201cOf course, it now needs to stabilize here — and above the high from May 20 would be further confirmation.\u201d Bitcoin traded as high as $42,541 on May 20.<\/p>\n
Bitcoin, which for weeks trended downward from its mid-April record near $65,000, has now spent more than a week building back as supportive comments from Elon Musk and Cathie Wood helped bump it out of a declining trend. Digital-asset-related job postings by Amazon.com Inc. and resulting speculation helped as well.<\/p>\n
Edward Moya, senior market analyst for North America at Oanda Corp., a offered a note of caution about the recent run.<\/p>\n
\u201cRetail interest is strong, while institutional interest is somewhat lagging and needing fresh endorsements,\u201d he said in a note on Friday. \u201cBitcoin volatility might remain elevated over the weekend and traders should not be surprised if a spike occurs toward the $42,000 level during some illiquid times.\u201d<\/p>\n
Still, the cryptocurrency has risen over the past week back above its 50- and 100-day moving averages, with the 200-day at about $44,700 in sight.<\/p>\n
\u201cIt won\u2019t be surprising to see Bitcoin expand the $30,000 to $42,000 trading range on the upside and attempt $45,000,\u201d Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange, said in a note July 27.<\/p>\n
\u201cHowever, breaking above $50,000 will take some doing for Bitcoin. Only a conclusive break above $50,000 would attract fresh flows and signal a change in the broader direction for the market.\u201d<\/p>\n
Bitcoin hit its highest level since mid-May and continues to build momentum.<\/p>\n","protected":false},"author":341034,"featured_media":395229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44696],"tags":[187],"class_list":["post-408302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/408302"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=408302"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/408302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/395229"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=408302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=408302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=408302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}