Cryptocurrencies have surged on hopes that the US could soon approve a bitcoin exchange-traded fund. Technical charts suggest there is room for further rise.
Bitcoin has broken above a crucial hurdle at the July high of 31800, triggering a double bottom (the June and September 2023 lows), potentially opening the way toward 39,000. The surge in momentum follows a rise above another vital barrier on the 200-day moving average, roughly coinciding with the end-August high of 28150. The move on the daily charts coincides with a rise out of the bearish Ichimoku cloud on the weekly charts – BTC/USD was last above the cloud back in 2021.
