Crypto

Bitcoin finishes fourth week in a row posting gains and exhibiting its 4th consecutive higher intra-week high, this week’s came within $15 of current resistance at $7,500. This week we also broke above the 21-day exp. moving average (currently at $7,019) now trading above this technical indicator for three days now the last time this occurred was from Feb. 12 – 14.

BTC futures as of 4 PM EST are trading in essence unchanged on the day at $7,340 on the CME. Again it is the high that came in that I believe is telling in that we were unable to make a higher high and coming in at $7,475 has this rally looking like it may fizzle out before taking out $7,500 on a closing basis.

What we witnessed today was a round of profit taking in the U.S. dollar, gold and Bitcoin. Bitcoin futures as of 5 PM EST are trading down about 2.5% at $7,200. Even with a dip in pricing today BTC is still acting very bullish and should continue onto higher pricing.

Bitcoin is reacting to markets rallying today. Some of which like the U.S. indices are surprisingly all trading up over 6% at the close, I say surprisingly because I believe it is unwarranted. Experts say that the equities are responding positively to news that Europe may have passed its apex of new Covid-19 cases meaning that the new cases by day should start to decline. In the U.S.