The world's biggest cryptocurrency performed strongly on Friday — with Bitcoin's price surging from $37,500 to $40,000 in under three hours.
Bitcoin is trading at its highest level in more than two weeks, but may face challenges as bulls tackle stubborn resistance at $43,000.
The world's biggest cryptocurrency performed strongly on Friday — surging from $37,500 to $40,000 in under three hours.
BTC's price later peaked at $41,500 and remained in a tight range throughout the weekend, prompting some analysts to remark that it was behaving like a stablecoin.
A sudden surge to $42,500 was rejected late on Sunday night, with Bitcoin's value falling back to $41,800. But as Monday morning's trading session got underway in Asia, the cryptocurrency once again surged to $42,800.
According to Bloomberg, BTC is now testing the upper end of its 20-day bollinger band — and a daily close above $43,000 could open the door to further gains.
The cryptocurrency's fate may rest on how Wall Street tech stocks perform when markets in the U.S. open later today — with both asset classes remaining closely correlated.
Volatility in the tech-heavy Nasdaq 100 was fueled last week by a mixed set of financial results for big names including Meta and Amazon. Stomach-churning falls on Thursday were met with a rebound on Friday.
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Overall, BTC rallied by 11.7% in the space of just 24 hours on Friday — its best single-day performance since last June.
ETH posted similar gains, and every single coin in the top 50 cryptocurrencies by market cap also ended the day in green territory.
This latest surge does mark a reversal of fortunes for Bitcoin, which has surged by 30% since hitting lows of $33,184.06 last month.
Monday's biggest gainers were to be found lower down in the rankings. XRP was easily the best performer in the top 10 — rising by 12% in a 24-hour timeframe.
It's also been a red letter day for SHIBA INU, which has skyrocketed by 20% in a single day.