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Bitcoin hits key level not seen since May amid Ark, Tesla CEOs' boost

Bitcoin had looked to be in danger of further declines after it fell below $30,000 earlier in the week

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Bitcoin has a simple concept: It is a digital token with a finite supply that’s been around for 14 years.

Bloomberg

2 min read Last Updated : Jul 25 2021 | 10:06 PM IST

Bitcoin traded above a crucial technical level over the weekend for the first time since early May, after comments from Ark Investment Management LLC’s Cathie Wood and Tesla Inc. Chief Executive Officer Elon Musk helped boost its momentum.

The largest cryptocurrency rose above its 50-day moving average on Saturday for the first time since May 12. It rose again Sunday, its fifth consecutive day of gains, to as high as $34,609.

Bitcoin had looked to be in danger of further declines after it fell below $30,000 earlier in the week, a level widely flagged by strategists as potentially spurring further drops.

Topics : Bitcoin Elon Musk cryptocurrency

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