Crypto

Bitcoin rallies, tops key technical level for first time since early May

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Bitcoin is up more than 8% over the past five days.

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The price of bitcoin rallied over the weekend, trading above its 50-day moving average for the first time since early May.

Bitcoin BTCUSD, +3.90% surged Saturday and into Sunday, recently trading at $35,300. according to CoinDesk, after recovering from its dive below the $30,000 level on Tuesday. Bitcoin is up more than 10% over the past five days.

The weekend gain put bitcoin above its 50-day moving average for the first time since May 9, according to CoinDesk data.

The world’s largest cryptocurrency got a boost from some influential names last week, after positive comments by Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Invest’s Cathie Wood.

The price of ethereum ETHUSD, +3.39% also saw a weekend surge, and is up more than 12% over the past five days. Dogecoin DOGEUSD, +2.74% is up a more modest 5% over that time.

Bitcoin is up 10% over the past month, and is nearly 20% higher year to date, though about 50% off its April high.

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