Bitcoin Breakout! But wait, there is a danger….

Bitcoin has finally broken the 6,600 shell, going up as high as 6860 before coming back down to 6720 presently. It has been hanging around 6700 for an hour now and seems to have settled down some. This may be just some rampant selling and buying but since BTC has not breached far beyond $6,600 in day, it could signal a bull rally coming. However, there is a major danger of this rally and it is related to Thursday ETF acceptance or rejection. If the SEC accepts the ETF, then in the short term, Bitcoin will probably go up past $7000 but if it is a rejection, it may tumble back down towards $6000. However, all the good news coming out of Korea, Australia, and other countries where adoption is quickly picking up has to eventually have some effect on Bitcoin sooner or later and this could finally be those things materializing.

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