Bitcoin seems to have launched itself to the moon after it surged above $20,000 for the first time in history. The flagship cryptocurrency has not slowed down the rally amid the price discovery movement.
It is believed the fear of missing out (FOMO) is the force behind the incredible price action. At the time of writing, BTC/USD is trading at $22,060. All three moving averages, the 200 Simple Moving Average, the 100 SMA, and 50 SMA, are behind BTC, currently playing catch up. In other words, Bitcoin is exceptionally bullish.
BTC/USD 4-hour chart
The least resistance path is upwards, and there is no known resistance ahead (price discovery). Therefore, the rally could continue as far as t speculation permits.
Price and technical updates will continue along the day and the week-long, as Bitcoin navigates the space towards the moon.
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