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Investing.com - Bitcoin prices rallied sharply on Monday to hit the highest level in more than two weeks as a wave of technical buying kicked in after prices broke above a key resistance level.

Bitcoin (BTC/USD) touched a session high of $376.04 on Slovenia-based BitStamp earlier in the day, the most since October 23.

Prices last traded at $374.35 during U.S. morning hours, up $16.35, or 4.57%.

The price of a bitcoin on Bulgaria-based BTC-e added $14.39, or 4.04%, to trade at $370.51, while prices on Singapore-based itBit advanced $6.26, or 1.74%, to trade at $366.24.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency tacked on 2.45% to trade at $372.19.

Bitcoin's gains accelerated after prices broke above key resistance close to the $370-level, triggering fresh buy orders amid bullish chart signals.

Over the past couple of weeks, the price of Bitcoin has remained relatively stable, with prices consolidating in a narrow range between the $320-and $360-level.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) rallied 6.39, or 2.22%, to trade at 294.89 on U.S.-based Kraken Exchange.

Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China edged up 37.20 yuan, or 1.68%, to trade at 2,245.54 yuan, while prices on Beijing-based OKCoin increased 69.79 yuan, or 3.2%, to trade at 2,249.79 yuan.

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Bitcoin prices rally 5% to hit 2-week high on technical buying