Bitcoin has chalked up double-digit gains in the first 16 days of 2020 and is the best performing asset on a year-to-date basis.
The most popular digital currency is currently up 22%, while Gold is adding just 2%. The shiny metal had jumped to six-year highs above $1,611 a week ago amid heightened geopolitical tensions and is priced at $1,554 at the time of writing.
Meanwhile, Oil, popularly known as black gold, is shedding 6% on a year-to-date basis, as noted by Kevin Kelly, Co-Founder at Delphi digital.
Bitcoin recently broke out of a big falling channel, as seen in the above tweet, indicating a bullish trend change. Since the confirmation of the breakout, the cryptocurrency has gained more than $1,000.
What’s more interesting is that prices are now just 3% short of the 200-day SMA. That is the narrowest spread between prices and the crucial average in over two months.
A strong move through the 200-day SMA would only strengthen the bullish setup, possibly fueling the next leg higher in prices.