There are times when the fundamentals and technicals align, the past week has certainly been one of those moments in bitcoin.
The election of a crypto-friendly Republican slate combined with the break of a long-term range has been rocket fuel for bitcoin and it’s now above $85,000 for the first time ever.
I’ll stand by what I wrote on Wednesday when it was $10,000 lower:
Bitcoin is also a remarkably technical asset and if it can hold this break above $72K (maybe into the weekend)? Then there is a good case for a move into the $90s. There is no doubt that a Trump administration is much more inclined to ease the regulatory burden in crypto and ethereum is modestly outperforming bitcoin on the assumption that an ETF is a done deal (I think it was done deal either way).
Now there is some fear creeping in about overbought conditions and that’s reasonable but when it comes to all-time highs, bitcoin tends to respond to big round numbers more than anything so it’s best to hang on for the ride.
Bitcoin daily