Key Takeaways
Bitcoin is at a crucial psychological level of $30k, but caution is advised before going all in.
Spot volume remains low, suggesting low bidding despite the milestone, but the risk of a pronounced drop is relatively low.
Alt season may be approaching with ethereum gaining strength, but further confirmation is needed.
Short and mid-term outlook aligning: things are getting bullish.
It’s hard not to be bullish in the short term, $30k is a colossal psychological level - we haven’t been at these levels since early June 2022… However, getting greedy too fast can be costly. Wait for further confirmations to go all in.
Spot volume remains low, suggesting relatively low bidding despite the $30k milestone. BTC price momentum is fading due to the relative lack of interest.
What does this mean in the short run? It doesn’t mean that we expect bitcoin to dip aggressively. The Bitcoin Risk Signal is stable at 0, so the risk of a pronounced drop is relatively low.
In our view, it means that bitcoin ranges between $29.6 - $30.5k in the coming days, all things equal (no influx of capital).
What about altcoins? We are getting close to an alt season -
Keep reading with a 7-day free trial
Subscribe to Swissblock Insights to keep reading this post and get 7 days of free access to the full post archives.