The bitcoin chart is interesting today.
The bitcoin chart is interesting today. A nice base has formed in the 60-65K range and now it’s broken out, chewing into the February rout.
Bitcoin daily chart: The rise today above last week’s high is a positive signal but it’s not clear if that’s a leading or lagging indicator. There was once a strong correlation between the Nasdaq and bitcoin but it was fractured last year and hasn’t reconnected. It’s still a risk-positive asset though and so it’s not a surprise that it’s moving higher as the market continues to believe that Trump is done with the Iran war.
There upshot is that there is a nice possible ‘catch-up’ trade in bitcoin if risk assets can hold. That aligns nicely with today’s technical move, which doesn’t face much resistance until close to $90,000, or about a 13% climb. Also note the series of higher lows since early February and series of higher highs.