BTC Monday Roller Coaster
Crypto Compass 64
“If you set your goals ridiculously high and it's a failure, you will fail above everyone else's success.” -James Cameron
🇨🇭 Join our Swissblock Telegram Group! Get daily updates, in-house content, and technical analysis on crypto & macroeconomics. Tap into a hub of knowledge and insights. Stay ahead with Swissblock. Sign up now! 🚀
The week began with Cointelegraph tweeting confidently that a BTC spot ETF had been approved without verification. Later, after FTX and Bloomberg's ETF reporters called out the fake news, they added "reportedly" to the tweet before removing it.
The bogus news of the BTC ETF clearance increased bullish momentum and immediately caused the price to react to around $30k. This pushed down the risk signal as BTC fought to keep the $28k level.
BTC rose across trading platforms immediately after the publication. BTC began at $27.88k at 9 a.m. ET on the Binance BTC/USDT market, which accounts for 8% of BTC 24-hour volume, crested at $30k - a 7% rise in around a half hour.
The ongoing crypto market celebration depends on BTC's ability to break and maintain a value of over $28k. This critical milestone was briefly touched on futures, with the spot market price reaching a high of $27.98k earlier today. This emphasizes the importance of the price level.