The biggest digital currency rose as much as 3% to $42,956, breaking through its 50-day moving average for the first time in 2 months.
“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness,” however it’s “being capped by the 50-DMA and needs to close above it,” said Vijay Ayyar, head of Asia-Pacific at Luno Pte. “The next stop from here is $46,000 to $47,000.”
Bitcoin’s rise above the technical mark goes hand in hand with the surprisingly good U.S. jobs report Friday closely following the solid returns from Amazon.com Inc.
The biggest digital money, which alongside Ether was supported by a heap of short liquidations on Friday“can make further upward progress in the weeks to come” given the technical breakout, said Fundstrat’s Mark Newton in a report. “Initial upside targets lie at $45,000 and then $51,100.”
It seems as if the sentiment among outsiders has been a bit more optimistic about the crypto market recently. The question of how long it will last is up to anybody’s interpretation as the industry is a wild west and things can turn bare tomorrow.
