(Bloomberg) -- Bitcoin rose above its 50-day moving average on Monday for the first time in more than two months.
The largest cryptocurrency rose as much as 3% to $42,956, compared with the 50-day technical mark which was around $42,810. It built on Friday’s rise -- the biggest since October -- which had taken it back above the key round-number level of $40,000, and held over the weekend.
“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness,” but it’s “being capped by the 50-DMA and needs to close above it,” said Vijay Ayyar, head of Asia-Pacific at Luno Pte. “The next stop from here is $46,000 to $47,000.”
Read more: Bitcoin’s Dip From Two-Week Peak Highlights Key Technical Hurdle
Bitcoin’s rise above the technical mark continues momentum higher amid the better-than-expected U.S. jobs report Friday on the heels of strong earnings from Amazon.com Inc. The cryptocurrency has been correlated with risk assets in recent months, and the S&P 500 gained 0.5% Friday while the Nasdaq 100 rose 1.3%.
The largest cryptocurrency, which along with Ether was aided by a raft of short liquidations on Friday, “can make further upward progress in the weeks to come” given the technical breakout, said Fundstrat’s Mark Newton in a report. “Initial upside targets lie at $45,000 and then $51,100.”
Other top cryptocurrencies like Ether and Solana were also slightly higher. The standout movers over the last 24 hours included XRP’s 8.1% gain as well as memecoin Dogecoin with a 7.4% advance and Shiba Inu marking a 26% surge, according to pricing from CoinGecko.
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