Bitcoin nears the highs of the year in a 5% rally

<p>Bitcoin fell yesterday in a move that was strangely at-odds with the raging rallies in risk assets elsewhere. Some of the selling was because of confusion and bad reports about ETF filings. </p><p>In any case, BTC found support ahead of the early-November lows and has since shot higher, gaining more than 5% today. It's again within striking distance of the highs for the year and it will certainly get there if today is the day we finally get the ETF approval.</p><p>I see such approval as inevitable and certain, so it should be priced in. That means that sell-the-fact on the announcement pop or on the pop during the first day of trading (which won't be long after) is the optimal trade. At the same time, I would be hesitant to short anything in the current environment with the Nasdaq on a winning streak and propelled by positive seasonals.</p>

This article was written by Adam Button at www.forexlive.com.