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Bitcoin heads towards $80K: What could drive the next move?
Bitcoin is trading above 77.5k, up 1.2% over the past 24 hours and extending last week’s 20% rally, its strongest weekly performance in more than two years.
The move has been driven by a combination of improving liquidity expectations, a lower regulatory risk premium, stronger institutional demand and a wave of short covering.
Crypto Today: Bitcoin, Ethereum and XRP pull back as rally cools
The cryptocurrency market is broadly correcting on Monday as investors shift focus to profit-taking after last week’s rally. Bitcoin (BTC) is edging lower amid capped upside below $80,000, with immediate support at $77,000.
Ether is crushing bitcoin and the ‘golden cross’ says it may not be done yet
Ether (ETH) has outperformed Bitcoin over two months and the trend looks set to continue, with a “golden cross” having recently formed on the ETH/BTC ratio.
The crossover is identified when an asset’s rolling 50-day average price surpasses its 200-day average. It’s said to reflect a short-term trend outperforming the longer-term trajectory, with the potential to evolve into a full-blown bull run.
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
Source: www.fxstreet.com
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