We might see a BTC bounce UP. Elliot Waves show the correction ( A, B, C ) has finished. -DXY ( Dollar Strenght Average ) is in decline, indicating that the dollar will weaken. -BTC shorts are in decline. -SP500 relief. - JP Morgan announces a possible BTC up move. ( Might be an indication of a relief rally where they intend to find exit liquidity)
On a concerning level, we see that Nexo, Curve, and other institutional lending platforms have slashed their rates which means the demand for institutional SPOT lending is decreasing. Less money flows into the SPOT market which might diminish the bear trend breakage. This supports the relief rally idea by taking into account the larger institutional interest for exit liquidity.
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👍 @Nico.Muselle, TradingView Mod Team