56.89 F
May 22, 2024
PI Global Investments

Bitcoin climbs above $65,000 and carves out an intriguing chart pattern

Bitcoin is having its best day in two weeks, climbing 5% as part of a broad rally in global risk assets.

The chart caught my eye as it may be tracing out an inverted head-and-shoulder pattern, one that would target a move to $75,000.

bitcoin daily

A speculative fever may have been unleashed by the drama in Gamestop and AMC this week, along with the improving prospects for Fed rate cuts. I worry that we may have baked too much of that in already but it’s tough to go against the trend.

it would be even tougher to bet against bitcoin if it could break above $65,700, adding confidence that it’s cleared the neckline of an inverted head-and-shoulders pattern on the daily chart.

The rally over the past week also adds confidence that the early-May drop was a false breakout. The $60,000 level held this week as it had several times in March and April.

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