An attendee displays casino gambling chips decorated with bitcoin logos at the CrytoSpace conference in Moscow, Russia. (Photographer: Andrey Rudakov/Bloomberg)

Bitcoin Crosses $7,500 As It Nears Key Resistance Level

Price of bitcoin jumped above $7,500 for the first time in over a month as the digital currency nears a key resistance level.

The world’s biggest cryptocurrency by market value rose nearly 10 percent overnight to post its second-best day of the month and is on track to report its best week so far this year with gains of over 20 percent. Of the 29 weeks so far in 2018, bitcoin has managed to gain only 11 times. For the year, though, the price is down 47 percent compared with a gain of over 1,400 percent last year.

The rally has brought bitcoin close to its 100-day moving average, which is 5 percent above the current market price, and hasn’t been breached since March this year. The downtrend resumed in May after it failed to break above the simple moving average that was 6.5 percent above the price then.

Bitcoin has recovered 28 percent from this year’s low while it is still trading 56 percent below the peak touched in January.