The Unexpected Rise

Crypto Compass 65

"Courage is not the absence of fear, but rather the judgment that something else is more important than fear." – Ambrose Redmoon

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• Despite the recent reversal in the BTC price following the false report of spot Bitcoin ETF clearance, the price has been consolidating above the $28k support. This was BTC's most significant intra-day change since the rise in mid-June, outperforming the market as seeing in the grouping returns vs BTC.

• The robust performance of BTC increased its market share among all cryptocurrencies (Bitcoin Dominance Rate) to more than 52%, the highest level since April 2021. With halving approaching, we believe BTC will maintain its lead for some time.

Figure 1:

• Bulls have been active around the $28k mark. The price is currently over $28k and the 100 hourly Simple moving average. On the upside, immediate resistance is located near $28.55k.

• If bulls continue to push higher, the next stop above $29.5k might be $30k. Any further rises could push BTC above the $30.65k mark. The Risk Signal is currently at zero, indicating a possible bull run environment.

Figure 2: Bitcoin Risk Signal is a proprietary signal that gauges the amount of risk of a major drawdown in Bitcoin price.