Macro:
- The crypto market rebounded as sentiment improved following the US Treasury Secretary's proposal to ease stablecoin regulations, boosting trading volumes and risk appetite.
- On-chain data reflects growing activity. The average bitcoin trade size rose 15% MoM, overall volume jumped, and 78% of supply is now in profit.
- Liquidity support from the increasing M2 money supply in China and the US has further enhanced bitcoin's appeal.
Technical:
- BTCUSD surged to resistance near 94300, aligning with the 100% Fibo Extension, before forming a Doji candle that signals possible correction. The price remains above both EMAs, indicating a bullish shift.
- If the price breaks below 92000, it may leads to a pullback toward the 87000–90000 support zone, near the 23.6%-38.2% Fibo Retracement levels.
- A breakout above 94300 may open the door for a move toward the next resistance around 101400.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- The crypto market rebounded as sentiment improved following the US Treasury Secretary's proposal to ease stablecoin regulations, boosting trading volumes and risk appetite.
- On-chain data reflects growing activity. The average bitcoin trade size rose 15% MoM, overall volume jumped, and 78% of supply is now in profit.
- Liquidity support from the increasing M2 money supply in China and the US has further enhanced bitcoin's appeal.
Technical:
- BTCUSD surged to resistance near 94300, aligning with the 100% Fibo Extension, before forming a Doji candle that signals possible correction. The price remains above both EMAs, indicating a bullish shift.
- If the price breaks below 92000, it may leads to a pullback toward the 87000–90000 support zone, near the 23.6%-38.2% Fibo Retracement levels.
- A breakout above 94300 may open the door for a move toward the next resistance around 101400.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Related publications
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.