Over the pas two weeks, the big numbers have been falling like dominoes. Another one is teed up now as bitcoin trades up $1600 to $89,600.
In Asia, it rose as high as $89,982 before retracing all the way to $84,500 at the start of US trading. The turn came just before US equities opened, which is probably a hint at what’s driving the bid.
Watch for a flurry of trading right around $90,000 and a strong break one way or the other. The bias is to the upside here as bitcoin is always a momentum trade and US equities are doing better despite the rout in bonds.
This article was written by Adam Button at www.forexlive.com.
