BTC Monday Roller Coaster

Crypto Compass 64

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• 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.

Figure 1: Speedometers with Altcoin Signal, Risk Signal, Price Momentum and Onchain Fundamentals.

• 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.

Figure 2: BTC’s Price Evolution with Cipher B, RSI and ATR indicators.