A fundamental lack of sellers after capitulation has led short speculators to be squeezed as they either try to find liquidity to take profit or simply speculating short against real buy interest and continued profit taking.
Its unclear how much demand will be affected by systematic shocks across the world in the financial markets. Clearly risk is to the downside in equities, however printing/stimulus is stirring a demand reallocation towards hard assets.
In TA terms:
Liquidity Magnet around and above $8k
smash after capitulation; evident in VPVR
Gap in interest 7500-7800
Little selling interest for Bitcoin ; HL HH / Buyers in control
remains above average
Above Multiple Key Weekly Moving averages
High correlation to equity markets / systematic risk
If you forced me to be with the halving coming id think we dabble around $8k retest $7 and then break it and pump.
Worst case we struggle along with everyone else in the market. I think as a % Bitcoin might outperform the equities, so there might be opportunities there.
Long Bitcoin short the Banks has never seemed a more attractive hedge exposure to me.. not advice.