Bitcoin reaches highest level since May as chartists eye $50,000

Bitcoin reaches highest level since May as chartists eye $50,000

After a volatile weekend, Bitcoin has once again surpassed $40,000, reaching its highest level in more than two weeks. The world's largest crypto gained as much as 4.5 per cent on Monday to $41,020, extending its rally to a second day. The coin has rallied roughly 9 per cent since Friday. The wider Bloomberg Galaxy Crypto Index, which tracks some of the major cryptocurrencies, also advanced, adding as much as 7.7 per cent at one point. "Getting back above $40,000 was technically a positive,“ said Art Hogan, chief strategist at National Securities. "The folks who look at this using technical analysis would tell you that when it breached $40,000, that sent a negative signal, and now that it's recaptured that level, it sends a positive signal.“ With Bitcoin holding above that threshold, many chartists are looking at $42,500 as its next important level to breach. That number roughly represents its 200-day moving average and topping it could mean the coin rallies toward $50,000. "Bitcoin is always going to be volatile and the manic run-up we had was never sustainable. The question is where do we settle? What is the new floor in Bitcoin?,“ said Tom Essaye, a former Merrill Lynch