The price of bitcoin met resistance as it closed in on its 200-day moving average Sunday.

Bitcoin BTCUSD, -1.03% rallied as high as $44,575 early Sunday — almost hitting its 200-day moving average of $44,600 — before slipping. The world’s largest cryptocurrency by market cap was last trading at about $43,700 on Sunday night, according to CoinDesk data.

In a note last weekend, Matt Maley, chief market strategist at Miller Tabak & Co., pointed to the 200-day moving average as bitcoin’s next key level, and said if it breaks that level “it should be very bullish for bitcoin,” shooting “a lot higher rather quickly.”

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