Bitcoin jumps above $38,000 as crypto momentum flirts with key resistance level

Bitcoin jumps above $38,000 as crypto momentum flirts with key resistance level

Bitcoin rose as high as $38,346.61 on Friday as the world's most popular cryptocurrency faced the latest hurdle in its path back to record highs.

The digital token has staged a strong comeback rally over the past week as retail-investor demand fuels new inflows. That momentum now faces a key test as bitcoin struggles to hold above the $38,000 resistance level. Bitcoin rose above the threshold in Thursday trading before sinking back below $37,000 later in the day.

The token traded 1% higher from 24 hours ago, at $38,065.03, as of 10:10 a.m. ET Friday. Despite tumbling from its early January peak, bitcoin is still up 31% year-to-date.

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Bitcoin leaped to an all-time high of nearly $42,000 at the start of the year before profit-taking dragged prices back to earth. The token traded in a narrow range of roughly $32,000 before climbing higher through the end of last month.

Friday's climb is the third time in the past week bitcoin edged above the $38,000 level. The token traded above the threshold on