Bitcoin bulls get a gift in their stockings with a rally above $51,000

US equities are closed tomorrow through Monday but bitcoin trading will continue non-stop.

Over the years, we’ve seen some big moves in both directions around holidays so today’s pop above $51,000 may only be a sign of what’s to come. For now, the 4% climb helps to emphasize a potential bottom near $45,000.

In the bigger picture though, this isn’t a material move as we continue to consolidate between the 100-day and 200-day moving averages.

Bitcoin technical analysis

On the fundamental side, I see this move reflecting the better risk tone throughout markets. I don’t see anything to stop that in the next few days with major markets closed and omicron unlikely to offer any kind of surprise. One headline to watch out for would be a wider Chinese omicron outbreak. Right now the city of Xian (population 13 million) is struggling to contain an outbreak and that’s worth monitoring closely.

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