Bitcoin ($BTC) Price Rises Above Key Technical Level for First Time Since November

The price of the flagship cryptocurrency bitcoin has moved past a key technical indicator after going over the $42,800 mark, where its 50-day moving average after enduring a downtrend since November of last year, when BTC hit a new high near $69,000.

As reported by Business Insider, the largest cryptocurrency has surged after managing to break through the $40,000 after a strong U.S. jobs report and better-than-expected earnings from Amazon, which drove investors to risk assets.

A moving average is a stock indicator commonly used in technical analysis that helps smooth out price data and eliminate the impacts of “random, short-term fluctuations” on the price of an asset over a specific time frame. Bitcoin moving past its 50-day moving average suggests its downtrend is reversing.

In a note sent to clients Mark Newton, a strategist at Fundstrat, said the rally was an important breakout that could lead to “further near-term strength. Newton added that “initial upside targets lie at $45,000 and then $51,100.”

As CryptoGlobe reported Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has suggested that the flagship cryptocurrency bitcoin is part of the path to “financial heaven,” along with precious metals gold and silver.

According to Kiyosaki the U.S. central bank, the Federal Reserve, along with the U.S. Department of the Treasury, has been “destroying the dollar” and sending “billions of savers & uninformed to financial hell.”

Nayib Bukele, the President of El Salvador, has argued on social media that bitcoin will see a “gigantic price increase” in the future as more wealthy individuals move in to acquire the flagship cryptocurrency and its limited supply forces them to bid higher for it.

Not everyone is as bullish, however. Analysts at JPMorgan Chase have lowered their long-term bitcoin price target of $150,000 to $38,000 after the price of the flagship cryptocurrency dropped from a $67,000 all-time high to a $34,000 low before recovering.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Unsplash

Source: Read Full Article