BTC/USD continued its upward move over the weekend, rising to a two-year high (Bitstamp). It currently trades at 678.72 levels at the time of writing.

Ichimoku analysis of the daily chart shows:

Tenkan-Sen level: $620

Kijun-Sen level: $559

Trend reversal level - (90 day EMA)-$475

The pair has broken major psychological resistance at 600 levels and jumped till 694.44 levels on Monday. Long term trend still remains bullish and the pair faces major resistance at 710 levels (Mar 2nd 2014 high) and any break above targets $776 (61.8% retracement of $1163 and $152).

On the flipside, short-term support is seen at $600 (7day EMA) and any violation below will drag the pair till $559/$540 (21 day MA).

According to Shanghai Daily, bitcoin price is being driven by a surge in new Chinese investors, the impending halving of bitcoin rewards in July and an easing investment environment.