Bitcoin is on pace for its best day in over five weeks on the back of its +10% surge in the last 18 hours alone (as of this writing). BTC peaked just a shade shy of $9,000 before pulling back to its current level around $8,750.
Today’s price action exemplifies how quickly crypto markets can move once key resistance levels are breached. A sense of “FOMO” kicks in as buying begets more buying, Crypto Twitter explodes, and next thing you know BTC is within striking distance of $9,000.
BTCUSD vs. Daily % Change (Bottom Panel)
In last week’s market commentary, we noted the setup for a potential BTC breakout given weeks of price consolidation. Bitcoin was trading around $7,200 at the time, equating to a +20% gain since.
Additionally, we sent a note to our Institutional subscribers Monday morning reiterating the potential for a move higher in BTC, citing strengthening momentum indicators coupled with the short-term technical setup (see link at the end of this note).
BTCUSD vs. Projected Halving Date (as of 4.27.20)
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