βThe function of economic forecasting is to make astrology look respectable.β - John Kenneth Galbraith
π¨π 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! π
The recent BTC ETF approval appears to have triggered a "sell the news" reaction in the market, leading to a temporary pullback. Despite this, the overall trend remains bullish as the Risk Signal remains low, and concerns are primarily focused on the need for a new catalyst to drive further gains.
The $47.5k level presents a significant resistance barrier, and sustained momentum is seen as crucial for a more sustainable move beyond this point. With the introduction of a BTC ETF, the ease of institutional shorting raises potential concerns. Now that there is a BTC ETF, institutional investors can and will short much easier than they could in the past. This could become a major issue, as retail traders could be a bit blindsided by this.
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.