Following a slight retracement, BTCUSD is currently consolidating within a narrow range. A significant factor affecting Bitcoin sentiment is the potential approval of a Bitcoin ETF by Morgan Stanley in the coming weeks, as indicated by documents filed with the SEC. This prospective institutional embrace of Bitcoin could trigger a fresh influx of capital into the crypto market.
Monitoring the negative correlation between Bitcoin and NASDAQ is crucial. A decline in NASDAQ could lead to a Bitcoin downturn. Currently, NASDAQ shows consolidation signs after trimming some gains ahead of US GDP data. A close above 18,700 could propel the index towards 19,000.
Technically, BTC is trading below its short-term moving averages (21 and 55 EMA) but above its long-term moving average (200 EMA) on an H4 chart. This suggests a short-term neutral trend but a long-term bullish bias.
Minor support is located at 65,000, with additional support levels to watch in case of a breakdown, notably at 63,000, 61,800, and 60,000. Buy signals are identified at 63,000 with a stop-loss around 59,000 and a take-profit at 74,000. Sell signals are suggested at 74,000 with a stop-loss around 75,000 and a take-profit at 60,000.
An important observation is the upcoming Bitcoin halving expected in late April, historically associated with significant price movements. It's also noteworthy that Bitcoin has surpassed its previous ATH before the halving for the first time, signaling a shift in market dynamics. This could potentially lead to surprises, particularly in terms of volatility and investor behavior. As such, traders should be prepared to react swiftly to market developments and adjust their strategies accordingly.
Monitoring the negative correlation between Bitcoin and NASDAQ is crucial. A decline in NASDAQ could lead to a Bitcoin downturn. Currently, NASDAQ shows consolidation signs after trimming some gains ahead of US GDP data. A close above 18,700 could propel the index towards 19,000.
Technically, BTC is trading below its short-term moving averages (21 and 55 EMA) but above its long-term moving average (200 EMA) on an H4 chart. This suggests a short-term neutral trend but a long-term bullish bias.
Minor support is located at 65,000, with additional support levels to watch in case of a breakdown, notably at 63,000, 61,800, and 60,000. Buy signals are identified at 63,000 with a stop-loss around 59,000 and a take-profit at 74,000. Sell signals are suggested at 74,000 with a stop-loss around 75,000 and a take-profit at 60,000.
An important observation is the upcoming Bitcoin halving expected in late April, historically associated with significant price movements. It's also noteworthy that Bitcoin has surpassed its previous ATH before the halving for the first time, signaling a shift in market dynamics. This could potentially lead to surprises, particularly in terms of volatility and investor behavior. As such, traders should be prepared to react swiftly to market developments and adjust their strategies accordingly.
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I think BTC will decrease slightly and then increase againNote
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The price is going exactly according to my analysisNote
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I see the price is going in the right direction according to my analysis.Note
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BTC is trying to break through $71,000. I think we should observe moreNote
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The key factor influencing Bitcoin sentiment is the possibility of Morgan Stanley approving a Bitcoin ETF in the coming weeks, as indicated in documents filed with the SEC. This promising institutional holding of Bitcoin could trigger an influx of new capital into the cryptocurrency market.i think so
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.