Momentum is the dominant feature of markets this year and nothing has more momentum than bitcoin right now. After a 10-day break as it consolidated around $52,000, bitcoin has broken out in a big way.
It’s up $3400 today, or 6.7%, to $54,450. That’s the highest since December 2021.
Looking at the weekly chart, the breakout also clears some minor resistance at $52,000 and suddenly, not much is standing in the way of a return to the record highs near $69,000.
Bitcoin weekly chart
Bitcoin bulls are optimistic that the looming halvening of mining supply, which is projected in late April, will tighten the market further. Oftentimes, speculators front-run moves, as they did on the ETF launch. A sell-the-fact…
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