Bitcoin broke above 50k and made a new high in 2024! In the process, it turned the resistance at 48k into a key support after a successful re-test last night. Next targets are 58k and 69k ,with the latter being the ATH.
This price action is making even the most optimist bull look conservative. Bitcoin is less than a 40% pump from ATH and we barely entered the second month of the year! At this rate, BTC can easily break ATH levels BEFORE the halving in April.
I don't know how this year will end, but so far it has exceeded my expectations. Part of the reason for this performance can be credited to the ETFs that have been buying over $500 mil in BTC per DAY!
Only yesterday, ETFs dropped $630 mil into BTC. The price action is not shy to show this. In my opinion, the resistance at 58k is not that relevant. All eyes are now on the ATH target at 69k. Historically, that will lead to a pullback as trades will take profit around that level.
Exciting moments in the market! Hit a follow on for more TA updates.
@arvine11, What you see is not important, what matters is what the price does. :P
LouMercatali
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Hello DUO, what about the liquidity on spot mkts? I understand the ETF dynamics changes a lot the overall picture, and that the overall relationship between ETFs volume and price flows and mainstream means of price discovery integration is anyone's guess...
DU09
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@LouMercatali, Don't complicate it. It's bullish. Price goes up faster now.