24/06/24 Weekly outlook
Last weeks high: $67,290.83
Last weeks low: $62,212.60
Midpoint: $65,251.72
Despite the seemingly endless chop, last week was a very interesting one for BTC. Micro strategy added ~$800 worth of Bitcoin to their balance sheet, putting them at 226,000BTC, just over 1% of the entire BTC supply that will ever exist! In relation to microstrategy, Michael Dell has been sending some cryptic tweets reacting to the news that Saylor has added even more to their balance sheet. “Scarcity creates value” was his response. With the news that Dell is potentially buying or looking to buy Bitcoin it’s strange that BTC has dropped in price overall with overall sentiment in the space being very negative.
As we continue to slowly sell off and alt oins continue to get destroyed in both their stable and BTC pairs, I would like to see a clear capitulation wick with obvious strength on the bounce. It’s hard to say at what level that will come to, many are calling for
52K which is a clear Bullish OB+, so it could be there however that would be devastating for all alt coins and may/probably have a bearish effect on the launch of the ETH ETF which is coming in the near future, 1/2 weeks.
For this week it’s purely about survival and looking for signs of capitulation, max fear and showing of strength following any potential sell offs. A slow bleed down within a range is very hard to catch the bottom but it would be better to see clear signs of reversal.
Last weeks low: $62,212.60
Midpoint: $65,251.72
Despite the seemingly endless chop, last week was a very interesting one for BTC. Micro strategy added ~$800 worth of Bitcoin to their balance sheet, putting them at 226,000BTC, just over 1% of the entire BTC supply that will ever exist! In relation to microstrategy, Michael Dell has been sending some cryptic tweets reacting to the news that Saylor has added even more to their balance sheet. “Scarcity creates value” was his response. With the news that Dell is potentially buying or looking to buy Bitcoin it’s strange that BTC has dropped in price overall with overall sentiment in the space being very negative.
As we continue to slowly sell off and alt oins continue to get destroyed in both their stable and BTC pairs, I would like to see a clear capitulation wick with obvious strength on the bounce. It’s hard to say at what level that will come to, many are calling for
52K which is a clear Bullish OB+, so it could be there however that would be devastating for all alt coins and may/probably have a bearish effect on the launch of the ETH ETF which is coming in the near future, 1/2 weeks. For this week it’s purely about survival and looking for signs of capitulation, max fear and showing of strength following any potential sell offs. A slow bleed down within a range is very hard to catch the bottom but it would be better to see clear signs of reversal.
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.