Bitcoin jumps above US$50,000, reaching highest levels in two weeks

Bitcoin rallied back above US$50,000 ($66,535.30), surpassing the key psychological level as bullish momentum returned after last week’s selloff.

The digital token climbed as much as 11% before paring some gains to trade around US$51,000 as of 4:33 pm in New York, reaching the highest level in two weeks, according to data compiled by Bloomberg.

The cryptocurrency has been volatile with prices plunging 21% last week before recovering with the earlier broad bounce back in global equities. On a technical basis, the GTI Global Strength Indicator, which detects trend fluctuations, has begun to curl upward, suggesting a bullish move for Bitcoin.