Digital Gold Mantra Revived After Bitcoin Tops Technical Hurdle

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Bitcoin extended its recent rally above $10,000 on Friday, crossing over a key technical level that could mean further gains ahead.

The largest digital token climbed above its 50-day moving average, an indicator used to analyze trends and potential inflection points. Though it has been trading in a narrow range between its 50- and 100-day moving averages for weeks, some analysts see the former acting as a ceiling. A decisive break above could be a bullish signal.

Bitcoin breached its 50-day moving average, potentially a bullish sign

Bitcoin rose for the first time in three days, gaining as much as 4% on Friday to trade at $10,880 as of 11:18 a.m. in New York. That’s its highest level since mid-August.

“Bitcoin is maturing into a digital store-of-value akin to gold,” Bloomberg Intelligence analyst Mike McGlone wrote in a note this week. “Layers of price support, increasing institutional interest and macroeconomic conditions similar to those aiding gold should keep Bitcoin’s price buoyant.”

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