Bitcoin grabs the lead

For most of the morning, it looked like Ether was in control of the race to the top of the crypto pile, but over the course of the past hour it has been Bitcoin that has grabbed the yellow jersey. Ether has seemingly stalled for the time being around $2100 and Bitcoin has lifted off from below 58k towards 59k. It has not quite managed to get above that level, but it is only a blink of an eye away in pricing terms. The move higher stemmed from what was another clearly defined interim double bottom that was put in place around 57,670. That has provided the necessary platform for this recent rise. The move higher has taken Bitcoin above both the 10 and 21 day moving averages, but will need to hold above those if a serious attempt at breaking above 60k is to be seen from here on. If it can rise above 60k, the current chart configuration would tend to support some further upside acceleration too. That could easily see Bitcoin reach a new record high too. Perhaps it will be another weekend shunt that eventually delivers that, as has been the tendency most recently. Bitcoin is currently trading at 58,750