According to Cointelegraph Markets Pro and TradingView data, the price of bitcoin reached a fresh two-month high of $30,233 on Bitstamp.
The pair continued to gain over the Asian trading day, and as of this writing, there has been a little decline that has pushed the spot price back below $29,500.
Market players believed that a weekly candle close was necessary to determine the rally's genuine staying strength because volatility was still present.
Keith Alan, co-founder of the monitoring tool Material Indicators, placed special emphasis on the 100-week moving average (MA) at $28,627.
This move is one to keep an eye on, but for now I'm checking to see if this week's candle closes above the 100-week moving average and if next week's candle does the same.
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