Bitcoin consolidates break above 11,700

Yesterday Bitcoin finally made a more decisive move and this time it was to the upside. As noted here yesterday afternoon, the break above 11,555 was the key to the move higher and later that also did surpass any resistance in place at 11,700. The price lifted to as high as 11,835 just after the 4pm London FX fix. So, once again it seems that Bitcoin is continuing the pattern of reaching daily extremes in a very similar fashion to that which impacts the FX markets albeit often in a latent fashion. Yesterday the high for the EUR/USD was also set around the 4pm London fix. Consequently, for anyone who doubts the inference of that, there is clear symbiosis there for all to see. Irrespective of that, Bitcoin has consolidated its gains overnight, following a brief dip back below 11,700 earlier in the Asian session. Since then it has largely been trading sideways above that level as it awaits further directional clues. That pattern is very similar to that seen in the EUR/USD overnight too. Clearly the next hurdle for Bitcoin is now 12k again. Beyond that lies the 2020 high at 12,473. Bitcoin is just now trading at 11,752