Uncharted territory
The recent pullback seems over, with btc/usd hanging once again at 29/30k resistance level.
25k level worked wonderfully as a valid support, and some bullish wind is blowing on the horizon:
- spot ETF
- btc halving
- the end of rate hiking (soon?)
On the general worldwide financial foundamental situation we have so much going on, with wars, increasing public debt (aggravated by increasing bond yields), financial instability (high interest rates effects might start hitting the economies in the coming future), every one of these situations might evolve in various unpredictable ways and blow big winds either on the bullish or bearish side (for bitcoin), so we don't know much for now but what we know is that volatility might come back soon, the famous crypto volatility that is almost forgotten in these past few years.
On the btc/usd technical side we have just completed the third pullback of 2023, btc is still in a bullish wave started january, IMO it would have been good if we took out the sell-stop orders below 24700$, it would have been very healthy for the bulls (and the buy-lowers) to have a major (bigger) retrace, but seems like btc is just having a bit of a hurry now so be it.
Let's see what comes next, either FOMO kicks in or we go back down once again.
25k level worked wonderfully as a valid support, and some bullish wind is blowing on the horizon:
- spot ETF
- btc halving
- the end of rate hiking (soon?)
On the general worldwide financial foundamental situation we have so much going on, with wars, increasing public debt (aggravated by increasing bond yields), financial instability (high interest rates effects might start hitting the economies in the coming future), every one of these situations might evolve in various unpredictable ways and blow big winds either on the bullish or bearish side (for bitcoin), so we don't know much for now but what we know is that volatility might come back soon, the famous crypto volatility that is almost forgotten in these past few years.
On the btc/usd technical side we have just completed the third pullback of 2023, btc is still in a bullish wave started january, IMO it would have been good if we took out the sell-stop orders below 24700$, it would have been very healthy for the bulls (and the buy-lowers) to have a major (bigger) retrace, but seems like btc is just having a bit of a hurry now so be it.
Let's see what comes next, either FOMO kicks in or we go back down once again.
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