A RUMOR HELPS BITCOIN BREAK OUT, NEW DATA SHOWS WEAKENING BUSINESS SPENDING
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Bitcoin Breaks Out
Please click here for a chart of bitcoin futures (BRR_F).
Note the following:
- The chart shows bitcoin broke out.
- RSI on the chart shows bitcoin has room to run. The severely overbought condition in bitcoin has been relieved by bitcoin being range bound for a few days.
- There is no resistance for bitcoin between here and $65,000.
- The rise in bitcoin seems to be triggered, in part, by a rumor that Microsoft (MSFT) will start supporting bitcoin in its products.
February 27, 2024