Bitcoin spikes by more than 10% to over four-month highs

Author: Justin Low | Category: Cryptocurrency

Price breaks out of its narrow range since December

I'm trying to look for reasons for the move higher here but I'm really not seeing any (the usual 'pump and dump' move perhaps?). Price now cracks above the $4,600 level as I'm typing this.

Update: The $4,700 level is gone now too.

Here's what things look like in the bigger picture:

Price has been trading narrowly since December with highs being limited around the area just under $4,200. But the break here isn't only significant in that sense but price is now contending with a break above the 200-day MA (blue line) for the first time since March last year.

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