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(Bloomberg) – Bitcoin traded above a crucial technical level over the weekend for the first time since early May, after comments from Cathie Wood of Ark Investment Management LLC and the CEO of Tesla Inc., Elon Musk, helped fuel its momentum.
The largest cryptocurrency broke its 50-day moving average on Saturday for the first time since May 12. It rose again on Sunday, its fifth consecutive day of earnings, to $ 34,609.
Bitcoin had appeared to be in danger of further declines after falling below $ 30,000 earlier in the week, a level widely reported by strategists as potentially leading to further declines. But that was spurred on when Musk – at “The B Word” conference on Wednesday – said he wanted Bitcoin to be successful and his space exploration company SpaceX Inc. had it. Wood said companies should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey has said the coin is resilient.
“For the first time in many weeks, we are seeing bullish signs here and expect Bitcoin to move towards the higher end of the $ 30,000 to $ 40,000 range,” said Pankaj Balani, CEO. from the Delta Exchange crypto derivatives exchange, in an email Friday. Options activity indicates that $ 35,000 could serve as a cap for Bitcoin for July, he said, but added that over the next two months, “Bitcoin is expected to face little resistance between 35,000. and $ 40,000 “.
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