Bitcoin continues to soar as it hits $34,000

  


Non-stop buying in bitcoin

Non-stop buying in bitcoin

The parabolic move in bitcoin isn’t slowing down. It hit a fresh record at $34,608 as the rally extends.

Since Christmas bitcoin has now climbed 50%.

There isn’t much to say about the price action, it’s a classic speculative frenzy. There’s no picking the top or when it will pause. The strategy is to try to get in at a good level and hold on for dear life.

Big round numbers like $35,000, $40,000 and $45,000 are signposts to watch, especially since the big 2017 peak was just before $20,000.

On the fundamental side, people in the UK, Europe and much of the world still can’t buy and hold bitcoin via PayPal and that was a big catalyst for the move that started in October.

I also wonder if there’s some selling on Monday as broader markets reopen.

For bank trade ideas, check out eFX Plus



More info here