Bitcoin has climbed above the September high in a strong turnaround from yesterday’s selloff. It’s up 5.3% or $3000 in the best gain in a week.
Bitcoin has struggled to keep pace with the improving risk appetite in September and is well-below the summer highs as US stocks flirt with records. Bitcoin has had a good correlation with stocks and particularly chip stocks this year but that’s weakened recently.
Technically, this looks like something of an inverted head-and-shoulders pattern, which is bullish and would target $70,000. It also found a bottom above the August spike low, which is somewhat supportive.
This article was written by Adam Button at www.forexlive.com.
