The Bitcoin Bull Resumes

In less than a month bitcoin (BTC/USD) has rallied 50% from around $240 to over $360 today. The volume and intensity of the rally has really picked up during the last 3 days, to the point that this appears to be a very significant technical breakout:

 

BTC/USD (Weekly)

Bitcoin_Weekly

The next technical target is support/resistance from 2014 in the low $400s. More importantly, the bottom formed during the last ten months is formidable and the current rally could represent a resumption of the long-term bull market after a nearly 2-year bear cycle.