Bitcoin rose above its 50-day moving average on Monday (February 7th) for the first time in more than two months.
The largest cryptocurrency rose 3% to $ 42,956, compared to the 50-day technical mark, which was about US $ 42,810. It was built on last Friday’s rise – the biggest since October – which had pushed it back above the US $ 40,000 roundtable level and held over the weekend.
Bitcoin’s rise above the technical point continued its highest momentum amid a better-than-expected ratio for U.S. jobs last Friday, following strong gains from Amazon.com Inc. The cryptocurrency has been linked to risk assets in recent months and the S&P 500 gained 0.5% last Friday, while the Nasdaq 100 rose 1.3%.
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The biggest cryptocurrency, which along with Ether was helped by a series of short liquidations last Friday, “could make further upward progress in the coming weeks,” given the technical explosion, said Mark Newton of Fundstrat in a report. “Initial targets are upside down at $ 45,000 and then $ 51,100.
Other major cryptocurrencies like Ether and Solana were also slightly higher. The most noticeable movements over the last 24 hours included the gain of 8.1% of XRP, as well as memecoin Dogecoin with a 7.4% increase and Shiba Inu which marked an increase of 26%, according to prices from CoinGecko. Bloomberg
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