Slobodan Drvenica
Windsor Brokers
BTC/USD
Bitcoin is trading near new record high above $71000 early Monday, with steady ascend in past few sessions signaling continuation of larger uptrend, after a brief consolidation last week.
Bulls remain firmly in play and so far offset signals of correction on strongly overbought daily studies, as the bitcoin continues to benefit from a flood of cash into new exchange traded funds and growing expectations that the Fed will soon start cutting its interest rates.
Bitcoin advanced over 60% in 2024 and was the top performer in the market during the first months of this year.
The price is riding on extended third wave of five-wave cycle from $15434 (2022 low), with initial strong bullish signal expected on daily close above psychological $70000 barrier, which would open way towards $75000 zone (Fibo 300% expansion), violation of which to unmask $80000.
Broken $70000 and former top at $68911 reverted to initial supports, followed by rising daily Tenkan-sen ($65433).
Signals of rally’s stall and possible correction on overbought conditions persist and were reinforced by bearish divergence of 14-d momentum, which keeps such scenario on the table, however, traders are in the winner’s mode for now and still do not think of stronger profit-taking.
Res: 72000; 74767; 80000; 81215.
Sup: 71000; 70200; 70000; 66702.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.