Has the Bull Run finally started in bitcoin?

After a month of stark bearishness, Bitcoin has finally found good support around $200. With a quick bounce back to above 220, bitcoin has consolidated for a while and has now turned to bullish from sideways. While the 200 price level stands as a strong buy zone psychologically for long term investors, the quick consolidation and presumably short Bull Run might have been due to buying prompted by other fundamental factors.

With Barclay's Capital backing bitcoin and announcing their willingness to adopt the technology late this year, the sentiment has taken a positive turn. The major announcement came when the trading price of BTCUSD was around 204, prompting a quick throwback into the 220 levels. Barclays has said that they would start off slow by accepting charity payments in bitcoin initially and then build a system completely based on the results of the testing in the initial phases. After considerable consolidation, the market has now become bullish on a short term frame. Though the market cannot be called as exceedingly trending in the bullish direction, let us see technically what the market has to offer.