Bitcoin bounceback: Cryptocurrency surges back to $40,000 level

Down but never out, that's the Bitcoin byline for traders as the digital token soared back to the $40,000 mark on Monday's trade. A level last seen in May by blockchain backers.

Bitcoin is up nearly 20% over the past five days, as it get got words of confidence from the "big boys" Dorsey and Musk at a recent conference called “The B Word”. Financial world backing is also gaining pace as star investor Cathie Wood said corporations should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin is resilient.

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Technical analysts are also enthused as the rally has pushed Bitcoin above its 50-day moving average for the first time since early May.