The Roaring Return of BTC

Crypto Compass 65

“It is a curious fact that although all booms are alike, all are different.” - Edwin Lefevre

• BTC price surged beyond $30k amid rumours that the US Securities and Exchange Commission (SEC) will approve a BTC ETF this year. The price has surged by more than 10% in a week due to demand from institutional investors and whales who are thriving in a low-risk and deep BTC season.

• BTC price is expected to rise further as bulls guide upward momentum. If the price falls, we will be searching for continuation signs around the $29.5K - $28.7K range. It is the best time to go long amid the upcoming volatility.

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

• BTC’s price has risen by 3% in the previous 24 hours and 10% in the last week, and it is now worth $30.7k. However, the $30K resistance level is characterized by abundant BTC supply, which may temporarily stall the ascent and potentially precipitate a drop.

• Given the expected mid-term volatility, which will have a significant impact on the market's direction, a rapid breakout might occur, potentially resulting in the liquidation of some short positions.

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