Bitcoin prices rose on Friday, trading to their highest level in five weeks and on track to log a second successive winning month.

On Friday, one bitcoin

BTCUSD, +1.05%

 fetched $4,122.09, up 1.8% since Thursday’s level at 5 p.m. Eastern time, its highest level since Feb. 24, according to Kraken data. The cryptocurrency is on track to log back-to-back winning months for the first time since December 2017.

What are analysts saying

“Bitcoin is at its highest level in more than a month this morning, currently testing resistance around $4,200 per coin. Some analysts might note that it seems the long-term bear trend line has now been broken,” wrote Mati Greenspan, senior market analyst at eToro.

“However, trendlines may be drawn differently by each chartist so this isn’t the purest indicator out there. What’s more pertinent at the moment is the 200-day moving average that draws ever nearer.”

A moving average is a closely watched momentum indicator.


Bitcoin

Read: The crypto market is healthier than you probably think, so this chart says

In the news

The Securities and Exchange Commission said on Friday it had delayed its decision on two bitcoin-backed exchange-traded fund applications. A decision on the Bitwise Asset Management ETF has been pushed to May 16, while an application from VanEck and SolidX will be reassessed on May 21.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change… Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates May 16, 2019 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change,” the SEC said of the Bitwise Application.

Altcoins and futures

Altcoins, or digital currencies other than bitcoin, edged higher on Friday. Ether,

ETHUSD, +2.71%

 was the best-performing major altcoin, up 2.8% to $140.89, Litecoin

LTCUSD, +0.18%

gained 1.4% to $61.11, Bitcoin Cash

BCHUSD, -0.47%

was up 1.4% to $169.50 and XRP

XRPUSD, +0.94%

rose 0.4% to 31 cents.

Bitcoin futures closed higher on Friday. The Cboe April contract

XBTJ9, +1.75%

 finished up 1.9% at $4,075 and the CME March contract

BTCH9, +1.75%

closed up 1.8% at $4,079.36.

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Source link

2019-03-29