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
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.
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,
was the best-performing major altcoin, up 2.8% to $140.89, Litecoin
gained 1.4% to $61.11, Bitcoin Cash
was up 1.4% to $169.50 and XRP
rose 0.4% to 31 cents.
Bitcoin futures closed higher on Friday. The Cboe April contract
finished up 1.9% at $4,075 and the CME March contract
closed up 1.8% at $4,079.36.
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