Bitcoin Snaps: Surges To Fresh 2016 Highs On Sudden Burst Of Buying

Just three days ago, on April 21, when looking at the technical picture behind the recent bitcoin price action (having covered the extremely favorable fundamentals last September when it was trading at half its current price), we asked if "Bitcoin is about to soar." We were focusing on the bullish pennant formation which suggested a breakout to the upside was imminent.

 

Moments ago, we got the answer when "soar" is precisely what bitcoin did when following a burst of high volume buying, the digital currency spiked higher by over 4%, to a price of $470...

... hitting fresh 2016 highs.

 

After the Chinese started buying gold and silver last week following the launch of the Shanghai gold fix (as reported here), is the "wholesale bid" finally moving into the best way of avoiding capital controls available to several million Chinese?

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