The rise accelerated rapidly after Bitcoin climbed above $42000 on Friday, and these key levels could herald further gains.
At one point, the world's largest digital currency rose 5.7 per cent to $43212 in New York, its highest level since mid-May. The etheric currency and the Wright coin also rose. Share prices of companies involved in cryptocurrencies, including MicroStrategy Inc., have risen similarly.
'The momentum can really drive the trend, 'said Jerry Braakman, chief investment officer of First American Trust, Calif. The company manages 2 billion dollars.
For observers of technical analysis, given that Bitcoin rose above its 100-day average this week, its 200-day moving average could mark the next focus. In addition, the 14-day relative strength index, currently 68, is close to the overbought level.