Bitcoin is trading at the highest since December 2021 as it breaks out of a consolidation pattern from the past two weeks.
Bitcoin has been trending higher for the past month but stalled on February 15 to carve out a narrow range around $50-53K. However it finally cracked to the upside today amidst a flurry of fresh interest following a $150m bitcoin purchase from Microstrategy.
Ethereum is also red-hot today, up 7% on speculation about an ETF.
For bitcoin, the tailwind is a the halvening, which should take place about two months from now. That will limit new supply and could drive bitcoin to fresh record highs.
For broader markets, there has been a positive correlation between bitcoin and equities, particularly the Nasdaq. So far today, the Nasdaq is up 0.1% in quiet trading as Nvidia stalls after last week's jump.