Next Goal: All Time High

Crypto Compass 102

"If you genuinely want something, don't wait for it; teach yourself to be impatient." - Gurbaksh Chahal

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• BTC demonstrates strong momentum in Monday's trading session, with a notable influx of buyers eager to participate in the market. Given the prevailing bullish sentiment, short selling BTC is considered imprudent, and players are advised to view each dip as a potential buying opportunity.

• Consequently, players are encouraged to capitalize on price retracements as opportunities to enter the market, and the $70k level is seen as a plausible target in the near term. Should BTC experience pullbacks, support is anticipated around the $62k level, presenting favorable entry points for traders looking to join the ongoing uptrend in the market.

Figure 1: BTC’s Momentum and Price.

• The current growth wave can be broken down into two drivers. The first is the demand for BTC and ETH. They are favoured by large investors concerned about a new wave of problems at US regional banks. The other half of the rise is the demand for meme coins, which goes hand in hand with FOMO.

• As the market braces for Federal Reserve Chair Jerome Powell’s upcoming congressional testimony and forthcoming macroeconomic reports, the dollar’s weakening and BTC’s surge highlights the growing preference for digital assets amid prevailing economic uncertainties.

Figure 2: BTC and DXY’s Price Evolution.