After spending most of the day in negative territory, cryptocurrencies made a late surge on Friday with bitcoin hitting its highest level since mid-May. Bitcoin is currently trading above $41,000 at press time and is up more than 15% over the past week. Bullish sentiment has returned after a sharp sell-off in May and two months of consolidation above the $30,000 support level.

Some analysts are optimistic and expect buyers to remain active above the 50-day moving average, which is above $34,000 now.