Analyst: Bitcoin Rides Risk Asset Rally, Breaks Range to Start Next Leg Higher

BlockBeats News, July 14th, Tickmill analyst Patrick Munnelly stated in a report that Bitcoin first broke through $120,000. The upward momentum came from the cryptocurrency breaking out of a recent narrow trading range, with investor confidence continuously strengthening.

He pointed out that the previous trading range had raised doubts about whether Bitcoin could regain its strong upward momentum earlier this year. The uncertainty surrounding Trump's political and economic policies has dampened market enthusiasm for Bitcoin, keeping it within that range.

Now, as other risk assets such as the US stock market hit historic highs, Bitcoin has also resumed its upward trajectory, reigniting market enthusiasm. (FX678)