Bitcoin jumps over $100 in a matter of seconds - Taking out 10K
|Bitcoin has jumped over $100 in a matter of seconds on the Coinbase exchange amid no real fundamental drivers or catalysts.
This move comes despite more stories that the Federal Reserve and European Central Bank are looking to progress their efforts for their respective central bank digital currencies.
ECB's Lagarde said:
The ECB is assessing the potential and implications of technological developments for payment services and financial stability, and it is also making an active contribution to such innovations.
To this end, we set up a Eurosystem task force in January to investigate the opportunities and challenges associated with different potential designs for a central bank digital currency and to test how they would work in practice. In particular, we want to assess whether a central bank digital currency could serve a clear purpose for the public and support the ECB’s objectives. Together with five other central banks and the Bank for International Settlements, we will share experiences in this area and assess the potential cross-border use of such digital currencies.
Bitcoin 1-Hour Chart
The chart below shows the extent of the move. You can see there is some velocity behind the pump in BTC/USD.
The main level for the bulls to take out is 10K and then the previous high of 10,199.00.
The volume behind the move also shows the market are backing the move higher.
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