Bitcoin continues the recent surge. The Crypto is up 40% from recent lows and continues trading very strong.
We have been pointing pout Bitcoin was setting up for a move higher since early July and below is a quick chart update.
Bitcoin is crushing the 100 day average and is now well above the 8k level. First resistance is at 9200, where we find the 200 day average. The big “psychological” level to watch is at 10k.
Main drivers is speculation about the Bitcoin ETF and the fact several of the large institutions have been positive on getting involved in the Crypto world. This is to us no new news, but we find simple market psychology behind the move.
Happy Trading!
Source: chart by Bloomberg
