Aug 02 2021, 7:48 PM July 31 2021, 6:36 PM August 02 2021, 7:48 PM (Bloomberg) -- Bitcoin hit its highest level since mid-May and continues to build momentum. (Bloomberg) -- 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. âA run like this certainly suggests some flow backing,â said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, in a note Saturday. âOf course, it now needs to stabilize here -- and above the high from May 20 would be further confirmation.â Bitcoin traded as high as $42,541 on May 20.