Bitcoin passed the test, now it passes $57,000
11 Oct 2021
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A lesson in what happens when something can’t go down
Bitcoin is up $3200, or 6%, since Friday and has broken above $57,000 for the first time since May.
On Friday, I was highlighting the mounting case for buying it. We’ve seen a barrage of negative news lately including a(nother) ban from China and it became increasingly clear the White House has also taking aim at crypto.
Yet none of those headlines even dented bitcoin. When something can’t fall on bad news, it’s not going to fall at all.
At the same time, there’s increasingly institutional enthusiasm for crypto and hopes are rising for a US ETF.
Technically, the outlook is just as positive. Bitcoin is a highly-technical instrument to begin with and now we have a series of higher lows and higher highs as it decisively breaks the September high with nothing now standing in the way until $60,000.