momentum indicators: The bitcoin BTCUSD, 8.23% rally is nearing 100% off its December 2018 low at 3,200, and year-to-date the cryptocurrency has added 70%. So what's behind the rally bitcoin Here are four potential answers Technically driven One thing the bitcoin rally has done is bust through some closely watched technical levels, according to Market Watch. Whether it's the resistance at 4,000, the psychological 5,000 mark or some key momentum indicators, the technical outlook has flipped from lower highs to higher lows. The digital currency on Thursday booked its eighth winning session in the past 10 and is on track to log four successive winning months this after recording six losing months in a row, an unflattering record it had never previously achieved. Bitcoin's long-term technical profiles continue to point to a new up cycle, wrote chart watcher Rob Sluymer of Fundstrat Global Advisors. However, rather than sell or attempt to micromanage bitcoin exposure, we would strongly encourage investors to remain focused on the longer-term bottoming profile developing, he said. With bitcoin now back to a resistance band near 6,000, similar to where it was in Q2 2015, a pullback would not be surprising.
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