Bitcoin Rallies Past $40,000 Level to Highest Since Mid-May

Bitcoin hit its highest level since mid-May and continues to build momentum.

The largest cryptocurrency gained Sunday for an 11th day in the past 12 and traded up to $42,606, its highest since May 18. Market watchers have pointed to $40,000 as an important inflection point. It was up about 0.5% at $41,739 as of 6:13 a.m. New York time on Sunday.

“A run like this certainly suggests some flow backing,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Saturday. “Of course, it now needs to stabilize here — and above the high from May 20 would be further confirmation.” Bitcoin traded as high as $42,541 on May 20.

Bitcoin, which for weeks trended downward from its mid-April record near $65,000, has now spent more than a week building back as supportive comments from Elon Musk and Cathie Wood helped bump it out of a declining trend.

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