Bitcoin has decisively broken above $76,300 for the first time since its sharp selloff on Feb. 5, when it dropped to a low near $60,000.
BTC has rallied more than 25% and now trades above its 100-day moving average (100DMA) of $74,774 since bottoming in early February. The previous two tests of this level resulted in rejections and further downside, adding weight to the current move higher.
Bitcoin briefly traded as high as $76,700 on Feb. 4 before continuing lower. A later recovery attempt on March 17 also stalled at $76,013, making the current breakout above $76,300 more notable.
The breakout also carries positive implications for Strategy (MSTR), the largest publicly traded holder of bitcoin. The company is now back in profit on its bitcoin holdings, with an average purchase price of $75,577.
MSTR is also trading above its 200-week moving average, a long term trend indicator that smooths price data over roughly four years and currently stands at $157.53, over 6% higher on the day shortly after the market opened.
Meanwhile, broader equity markets have been on a strong run. The Nasdaq 100 has risen for twelve consecutive trading sessions, from March 31 through April 16, pushing both the Nasdaq 100 and the S&P 500 to new all time highs.
