Bitcoin’s (BTC) recovery from $29,482.61 on July 21 has continued to surpass one resistance after another. Today, Bitcoin has risen above the 200-day simple moving average, an indicator watched by institutional investors to determine whether the asset is bullish or bearish.
A positive sign about today’s rally has been that Bitcoin was not affected by the flash crash in gold, which momentarily dipped to a four-month low. This suggests that traders are focusing on the fundamentals of the sector and are not affected by the performance of other asset classes.