If you only checked the markets 2 weeks ago you'd still think we were in a bear market. However over the last few days Bitcoin has exploded to the upside potentially signalling a trend reversal.
Honestly I was quite surprised when it made this rally. Previously I though Bitcoin getting out of the $6500 dollar range to $7400 was a victory in itself. Now that Bitcoin has breached the physiological barrier $8000 I'm starting to take this run a bit more seriously and think less of it as a dead cat bounce. On the other hand, while impressive this rally doesn't mean a whole lot unless it can hold the $8000 Dollar level. At the time of this posting Bitcoin is at $8216, giving it $216 of wiggle room before it retests resistance. Interestingly enough when Bitcoin hit $7400 it didn't give back much and continued higher after a small consolidation period. Will that trend continue? We'll know in about a week or so.
