You gotta love Bitcoin. It's kinda like the dollar, oil and stocks. Why not?

You gotta love Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term.

Although there is a lot of debate on what it is and what it attaches too, the dialogue today will likely sound like other markets.

The higher CPI sent the digital currency sharply lower along with stocks and crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term, and counter to the runs higher in yields and the dollar. Then those markets bottomed (or topped for the USD and bond yields) and so did the price of bitcoin.

That is the story today at least. Other days, the story may not be the same (and the relationships are always changing).

Anyway, the charts look the same (similar) today. So that is the relationship today and the reason for the move in the digital currency. Below is the 5 minute chart of bitcoin.

...and below is the price of crude oil (same....same)

... and the dollar index which moved higher and then back lower on the 5-minute chart below (same... same... same).

Anyway, looking at the daily chart of bitcoin below, the price has moved up to test a swing area near $45750. A move above that level would next target the 38.2% retracement of the move down from the November high at $46,721. Ultimately on the daily chart, the near converged 100 and 200 day moving averages near $49,200 would be the key upside targets to get to - and through - if the buyers are to continue to take more and more control from the sellers after the run lower from the November high.