Bitcoin (BTC-USD) retook $20,000 as the digital currency has taken off on Tuesday morning gaining more than 5% as traders look to capitalize off its recent declines.Also lending support to the crypto world is Tuesday’s risk on tone, as the U.S. dollar subsides and yields take a step back its provided room for risk assets including the Nasdaq (COMP.IND) to advance higher. The speculative Bitcoin has developed a strong correlation with risk assets and is moving higher in tandem.Bitcoin now trades near the $20,200 marker, a level not seen in nearly two weeks as the cryptocurrency has popped 6.3% early on. From a technical level the next stop looks to be near $21,200 which marks Bitcoin’s 100-day moving average. It has consistently been trading below the 100-day level since mid-April as it has tested the indicator's levels a couple of times but each time bounced lower. See below a longer-term chart:As Bitcoin builds steam, so in turn do Bitcoin Strategy exchange traded funds as together they move in a parallel fashion since their price action is tied directly off the futures contracts of the crypto asset itself.Three example ETFs are the ProShares Bitcoin Strategy ETF (NYSEARCA:BITO), Valkyrie Bitcoin Strategy ETF (BTF), and VanEck Bitcoin Strategy ETF (XBTF). On Tuesday BITO is +5.3%, BTF is +5.6%, and XBTF has gained 5.4%.Outside of Bitcoin, other cryptocurrencies are also trading to the topside. Such crypto assets include Ether...
$100k Just The Beginning For Bitcoin?
