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Bitcoin price steady after weekend surge above $49,000 By Investing.com

by Mike Robinson

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© Reuters.

By Samuel Indyk

Investing.com – The price of was relatively steady on Monday after a surge at The following is a list of the weekend took the world’s largest cryptocurrency above $49,000 to its highest level since 7thSeptember

After Friday’s sharp gains when the price of Bitcoin vaulted above $45,000, upward momentum continued over the weekend although began to wane as the new week got underway.

After a period of volatility for two weeks, Bitcoin gained after China declared that any cryptocurrency transactions were illegal. This effectively banned all things to do with digital assets and crypto.

Jerome Powell, the Federal Reserve Chair, stated on Thursday that the Fed does not plan to ban Bitcoins and digital assets. However, he said that regulation is necessary for the cryptocurrency market.

This helped Bitcoin to rise late last week, and it reached its peak on Sunday.

Although the upside helped other large cryptocurrencies, many larger altcoins, such as, have lost some of their gains.  

Technical Analysis

Bitcoin needs to surpass $50,000 on a technical level in order to continue its upward momentum.

Over that, the 78.6% Fibonacci Retracement between the September high and September low may act as resistance.

Above that and you will reach the September high at approximately $52,900.

The downside is that the moving average of $46,660 for 50 days looks like it will provide support to the moving average of $46,660 over 200, which hovers around $45,000.

Bitcoin traded at $47,900 as of 14:39 BST

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