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🚀 Insider time: Bitcoin gives a positive signal
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Growing risk appetite allows BTC bulls to hope for new profits: strong support in the $39,500 zone declares that the correction is over. Let us remind you of the key levels that are worth monitoring.
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After the SEC approved the launch of several BTC-ETFs, several large funds (
Blackrock, Fidelity, Invesco, JP Morgan) began a new phase of competition and offered investors management fees much lower than traditional funds.
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At the moment, the trend reversal also depends on the development of the situation with the repurchase of GBTC assets. The decision of the US Treasury to receive a quarterly refinancing was confirmed, as well as information that FTX completely got rid of its stake in Grayscale (22 million shares worth more than $1 billion), and the GBTC fund itself sold off BTC for more than $2 billion.
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The crypto market has not seen such incredible "hidden" volatility for a long time: blocks of transactions of thousands and tens of thousands of coins "fly" on resources for tracking large movements of BTC. There is an active redistribution of crypto capital among institutions.
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The technical analysis supports a bullish signal, and although the main bearish impulse from large sales by panicked miners has already been worked out, the entire SlopLoss volume of sellers has not yet been closed. There is a strong resistance zone ahead at $43,300/500.
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Bulls need to record daily closes of at least $43,900 at least twice. A breakout of the large options zone above $44,300 could give impetus to movement towards the sacred level of $50,000.
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Cancellation of the scenario for an upward movement is possible only if new volumes appear for sale and a repeated confident breakdown of the $39,500/00 zone – in this case, the relevant levels will be $34,800–37,000 and below. But there are no fundamental factors for such a situation yet, so we behave carefully and do not forget about the risk.
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Profits to y’all!