#Crypto: Bitcoin rally meets resistance as price approaches its 200-day moving average

#Crypto: Bitcoin rally meets resistance as price approaches its 200-day moving average

Meanwhile, ether maintains post-hard fork rally

The price of bitcoin met resistance as it closed in on its 200-day moving average Sunday.

rallied as high as $44,575 early Sunday — almost hitting its 200-day moving average of $44,600 — before slipping. The world’s largest cryptocurrency by market cap was last trading at about $43,700 on Sunday night, according to CoinDesk data.

In a note last weekend, Matt Maley, chief market strategist at Miller Tabak & Co., pointed to the 200-day moving average as bitcoin’s next key level, and said if it breaks that level “it should be very bullish for bitcoin,” shooting “a lot higher rather quickly.”

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The weekend peak was bitcoin’s highest level since its most recent selloff began in mid-May. Bitcoin has rallied more than 10% over the past five days, and is up 32% over the past month.

the cryptocurrency that runs on the Ethereum blockchain, also continued to rally over the weekend, following a hard fork last week. On Thursday, Ethereum activated a massive network upgrade, dubbed “London,” which added a number of streamlining features. The price of ether topped $3,000 on Saturday for the first time since mid-May, and was trading around $3,013 as of Sunday night, according to Kraken data. Its price is up about 12% over the past five days.

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One Comment

  1. Bitcoin is not stable and we can observe a big price spike on this cryptocurrency. I frequently asked myself: “Why does the price of Bitcoin jump so sharply every day?” And I can’t find the answer. I have been again amazed by the fact that at the beginning of Sunday, it rose to $ 44,575 and that there was a peak of it on the weekend. To tell the truth, I don’t know what to expect from bitcoin because I can’t fully understand it. The Bitcoin exchange rate is falling and growing so frequently that it is like a puzzle for me.

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