{"id":662,"date":"2021-07-26T18:34:06","date_gmt":"2021-07-26T18:34:06","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=662"},"modified":"2021-07-26T18:34:09","modified_gmt":"2021-07-26T18:34:09","slug":"bitcoin-reaches-new-heights-not-seen-since-may-amid-musk-wood-boost","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/07\/26\/bitcoin-reaches-new-heights-not-seen-since-may-amid-musk-wood-boost\/","title":{"rendered":"Bitcoin Reaches New Heights Not Seen Since May Amid Musk and Wood Boost"},"content":{"rendered":"\n

Bitcoin surged over the weekend, trading at a crucial level for the first time since May this year. The spike comes after endorsements from Tesla boss, Elon Musk and Ark Investment Management LLC\u2019s Cathie Wood helped boost the crypto\u2019s momentum.<\/p>\n\n\n\n

The world\u2019s largest cryptocurrency, according to a Bloomberg report, rose above its 50-day moving average on Saturday for the first time since May 12, 2021. It rose again on Sunday for its 5th consecutive day, hitting as high as $34,609.<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

Earlier last week, Bitcoin fell below $30,000<\/a>, a level strategists flagged as potentially spurring further drops.\u00a0<\/p>\n\n\n\n

However, it rose again<\/a> when Elon Musk–at \u201cThe B Wood\u201d conference on Wednesday–said he wants Bitcoin to succeed and that his company SpaceX accepts Bitcoin. Ark\u2019s Cathie Wood also urged corporations to consider adding the crypto to their balance sheets, while Square Inc. CEO Jace Dorsey said the crypto is resilient.<\/p>\n\n\n\n

Bitcoin, analysts say, is poised to head towards the upper end of the $30,000 to $40,000 range, facing very little resistance between these levels.<\/p>\n\n\n\n

Want to Learn How to Trade in FOREX or Crypto? Join the\u00a0ANC Trading Community<\/a><\/h6>\n\n\n\n

This is not the first time high-profile execs are influencing the price of Bitcoin and other cryptocurrencies. A tweet from Elon Musk in May sent prices of the coin crashing though another from the Tesla boss in June, boosted the crypto<\/a>.<\/p>\n\n\n\n

As history has shown, comments from celebrities have a way of influencing the market and changing momentum for cryptocurrencies. Should such positive comments continue, Bitcoin could rise even more and hit better levels.
<\/p>\n","protected":false},"excerpt":{"rendered":"

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