Jingle Bells, Jingle Bulls

Crypto Compass 77

“Price is what you pay; value is what you get.” - Ben Graham

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• Over the last day, there has been a notable increase in the price of BTC, with a 5% rise to almost $41.75k. BTC has reached its highest point since April 2022 due to this rally, which also overcame the critical resistance levels.

• Given its prior function as resistance and the market's memory, $40k will likely provide strong support if the BTC market's momentum continues with strong bullish sentiment and low risk environment.

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

• Even while 4h timeframes show that BTC is overbought, this does not always mean a correction is necessary. BTC may continue to rise for many more days, causing investors' FOMO to spread to more and more layers.

• Technically, BTC is in thin air up to $46k, and price swings between $40k and $46k can be extremely dramatic. The 20-day Exponential Moving Average (EMA) is considered possible short-term support, offering a market floor in case of a pullback, and shorting is not recommended. The general pattern points to a potential shift toward the $45k.

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