Bitcoin's price action in recent days has been quite constructive, even if it hasn't made any sharp moves yet like gold or equity indices. Could it be the next risk asset to do so?

Price action is certainly starting to look bullish. After twice breaking but failing to hold below the February low of $60K in June and July, the selling momentum has weakened and price has managed to stabilize around the $64K region. And now, bitcoin is trying to break above the short-term bear channel. It has also climbed back above the 21-day exponential. From here, a quick run up to $69K-$70K area looks increasingly likely to me. Possibly higher longer term.

By Fawad Razaqzada, market analyst with FOREX.com