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Crypto: Bitcoin rallies, tops key technical level for first time since early May

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The price of bitcoin rallied over the weekend, trading above its 50-day moving average for the first time since early May.

Bitcoin
BTCUSD,
+11.35%

surged Saturday and into Sunday, recently trading at $37,973. according to CoinDesk, after recovering from its dive below the $30,000 level on Tuesday. Bitcoin is up nearly 20% over the past five days.

The weekend gain put bitcoin above its 50-day moving average for the first time since May 9, according to CoinDesk data.

The world’s largest cryptocurrency got a boost from some influential names last week, after positive comments by Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Invest’s Cathie Wood.

The price of ethereum
ETHUSD,
+7.84%

also saw a weekend surge, and is up more than 17% over the past five days. Dogecoin
DOGEUSD,
+13.64%

is up a more modest 8% over that time.

Bitcoin is up 21% over the past month, and is 30% higher year to date, though more than 40% off its April high.

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