This analysis is straightforward and to the point, avoiding unnecessarily complex theories.
Bitcoin has made a spectacular recovery following the negative news surrounding US exchanges facing compliance issues.
The impact of the negative coverage has been exaggerated, and it will likely take years before any actual measures are taken against exchanges operating in violation of laws and regulations. Moreover, Bitcoin has faced greater challenges in the past and has always managed to recover. There is no reason to panic.
Bitcoin has managed to surpass the 200-weekly moving average, which is significant and, in my view, a sign that the bulls are in charge. This moving average has served as incredibly strong support in recent years, and I believe the likelihood of Bitcoin trading below it in the short term is very small.
My conclusion is that Bitcoin is unlikely to trade below $26k in the short and medium term. From here, the path is upwards, and I expect us to surpass this year's highs in the near future.
Bitcoin has made a spectacular recovery following the negative news surrounding US exchanges facing compliance issues.
The impact of the negative coverage has been exaggerated, and it will likely take years before any actual measures are taken against exchanges operating in violation of laws and regulations. Moreover, Bitcoin has faced greater challenges in the past and has always managed to recover. There is no reason to panic.
Bitcoin has managed to surpass the 200-weekly moving average, which is significant and, in my view, a sign that the bulls are in charge. This moving average has served as incredibly strong support in recent years, and I believe the likelihood of Bitcoin trading below it in the short term is very small.
My conclusion is that Bitcoin is unlikely to trade below $26k in the short and medium term. From here, the path is upwards, and I expect us to surpass this year's highs in the near future.
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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.