Bitcoin breakout coming? The cryptocurrency is already up 220% this year

Bitcoin bulls looking for a catalyst that could extend its colossal rally may want to turn to technical analysis favored by some traders for a dose of good news.

Following an increase in prices over the last two days, Bitcoin has surged above its upper Vera band limit, which identifies upward or downward trends. The move indicates a sharp rise could be on the horizon as the token continues to trade above that limit.

Bitcoin’s followed a similar trend since mid-February and has breached yearly highs at least once every month since then. The cryptocurrency broke above its upper band limit for the first time this year in early February, for instance, and reached a fresh yearly high shortly afterward.