With a backdrop of further Israeli attacks into Gaza, the supposed risk asset of cryptocurrencies is staging a rally.
Now firmly above the all-important 200-week moving average, bitcoin is resolutely climbing higher. Currently at resistance at around $29,250, the alpha cryptocurrency is leading the way with the vast majority of cryptocurrencies also in the green.
An unlikely bitcoin rally?
Bitcoin is continuing to surprise many financial analysts. Those who are very firmly embedded in the traditional financial system must be watching bitcoin with something akin to horror and amazement as the cryptocurrency asset persists in proving its doubters wrong.
Source: Trading View
A key level is met
However, at least for this rally, the moment of truth has arrived. The resistance level here is very strong, with support/resistance touches that go all the way back to early January of 2021.
There is also the overhanging spectre of a potential bearish head and shoulders that might yet unfold, the
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