Bitcoin hit $ 44,575 on a 200-day moving average

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The price of bitcoin encountered resistance as it closed its 200-day moving average on Sunday. Meanwhile, the ether maintains a post-hard fork rally.

Bitcoin hit $ 44,575 at the start of August 8, nearly hitting its 200-day moving average of $ 44,600 before falling. The world’s largest cryptocurrency by market cap was last trading at around $ 43,700 on August 8, Sunday night, according to data from CoinDesk. It was trading at $ 43,829 on Monday August 9.

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In a note last weekend, Matt Maley, chief market strategist at Miller Tabak, pointed out that the 200-day moving average was bitcoin’s next key level, and said if it breaks that level “it will is expected to be very bullish for bitcoin, “pulling” a lot higher fairly quickly. “

The weekend peak was Bitcoin’s highest level since it began its last sell-off in mid-May. Bitcoin has risen by over 10% in the past five days and increased by 32% in the past month.

Ether, the cryptocurrency that runs on the Ethereum blockchain, also continued to rally over the weekend, after a hard fork last week. On August 5, Ethereum activated a massive network upgrade, dubbed “London,” which added a number of streamlining features. The price of ether surpassed $ 3,000 on Saturday for the first time since mid-May, and was trading around $ 3,013 on Sunday night, according to data from Kraken. Its price has increased by about 12% in the past five days.

This article was published by Dow Jones Newswires.

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