Bitcoin is busting out

Attendants pose with a bitcoin sign during the opening of Hong Kong’s first bitcoin retail store.Reuters/Bobby Yip

Bitcoin is busting out of its range that had been in place for the middle part of January. The cryptocurrency spent the past two weeks trapped at the $880 to $920 resistance level but has finally broken through.

Bitcoin rallied 3.7% on Tuesday as the Trump team exchanged barbs with German Chancellor Angela Merkel over the weakness of the euro, closing the day near $955 a coin. Tuesday’s gains have carried over into Wednesday’s session with the cryptocurrency up close to 1% near $972.

Bitcoin has had a wild start to 2017 after rallying more than 120% in 2016 to become the top performing currency for a second straight year. It rallied more than 20% in the opening says of the year, crossing the $1,000 level for the first time since November 2013 before tumbling more than 35% amid worries that China was going to crack down on trading. Recently, the cryptocurrency has shrugged off the news that China’s three largest bitcoin exchanges will begin charging a flat fee of 0.2% for each transaction.

Markets Insider