Bulls Have Taken Over

Crypto Compass 101

The harder the battle, the sweeter the victory.” - Les Brown

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• BTC is currently experiencing a significant surge, up approximately 8%, continuing the trend observed over the past three days. The focus is now on the $63k level, which represents the previous all-time high. A breakthrough above this level could trigger renewed "FOMO" (fear of missing out) sentiment in the market, potentially driving prices even higher.

• However, instead of chasing the market at these elevated levels, a more prudent approach may be to wait for short-term pullbacks for buying opportunities. The $52k level is identified as a potentially significant support level to watch in case of a pullback.

Figure 1: Regime Shift from Market Sentiment.

• The 4-hour chart illustrates a strong bullish sentiment, with significant upward strides and intense buying interest evident through notable value spikes. In the short-term, while also reflecting the bullish trend, indicates the potential for short-term pullbacks, as observed in the recent dip near the $59.992k resistance point and the psychological barrier of $60k.

• Despite this, sustained buying pressure and strong bullish signals from both oscillators and moving averages suggest that BTC is poised for continued upward momentum. The combination of oscillator neutrality with potent buying indications from moving averages is just the start of what is to come.

Figure 2: BTC's price evolution with Cipher B, RSI and ATR indicators.

• BTC is currently trading above $59k, marking a remarkable 15% increase since the weekly open. Notably, the liquidity heatmap indicates a significant concentration of orders between $64.5k and $64.8k.