The inability of bitcoin to join in on the risk rally last week was troubling but today it finally got the memo. Bitcoin is up $1940 today to $30,679, with most of the gains coming early in Europe.
The US is on a holiday today so that merits some caution but global equities continue to rally and that bodes well for crypto.
The big gain today brings BTC to within $700 of the top of the range since mid-May. It's been an unusually-quiet period for bitcoin in terms of volatility. If it can break the May 15 high of $31,500, we could see a powerful retracement higher, with $40,000 not out of the question. The key is to hurry up and get on with it because the equity rally is already starting to look short-term stretched.
