Bitcoin powers through the 200-day moving average
09 Aug 2021
Strong gains today
Bitcoin has risen through $45,000 as it steals the ‘safe haven’ luster from gold and rides a wave of momentum higher.
It’s the first rise above $45,000 since the May swoon.
Technically, the April low of $47,000 will put up some resistance but I don’t think it will halt the march higher. Bitcoin is such a momentum trade and the FOMO is tough to stop.
Regulation is certainly on the front burner but the market has come around to the belief that it will be easily overcome by improved market access and acceptance.