The optimism on the crypto market still holds, regardless of the recent higher volatility. Analysts are noting generally two main reasons which stand behind it during the last two weeks. First one is BTC`s ATH, which triggered selling orders of speculative positions, as part of a profit-taking. On the other side stands a higher sell off of holdings in Grayscale Bitcoin Trust (GBTC). Namely, as reported, during the previous week total sales reached $359 million which was partially influenced by Genesis selling due to its bankruptcy process. Analysts are also noting that there are still outstanding shares of GBTC which will be sold in the future period, which might further trigger higher BTC`s volatility. Although BTC reached its lowest weekly level at $61K, due to increased interest in this coin, the price soon moved to the higher grounds and ended the week above the $ 65K support line.
The RSI started its move toward the lower grounds, but managed to end the week at level of 51. Since the level of 50 is still not breached, indicates that the market is still not ready for a clear move toward the oversold market side. Moving average of 50 days continues to diverge from MA200, not indicating any potential cross anytime soon.
At this point there are almost equal amounts of both selling and buying orders for BTC. This situation will help sustain BTC`s price at higher grounds. During the week coin tested the $63K a short term support line, which managed to sustain, and make its path toward the $ 65K resistance. At the beginning of the week ahead, the market will continue to test the $ 65K level. A potential further move to the upside might bring the price of BTC toward the next short term resistance around the $68K, but currently with lower probability. A move to the opposite side, would bring BTC to test a $63K support for one more time.
The RSI started its move toward the lower grounds, but managed to end the week at level of 51. Since the level of 50 is still not breached, indicates that the market is still not ready for a clear move toward the oversold market side. Moving average of 50 days continues to diverge from MA200, not indicating any potential cross anytime soon.
At this point there are almost equal amounts of both selling and buying orders for BTC. This situation will help sustain BTC`s price at higher grounds. During the week coin tested the $63K a short term support line, which managed to sustain, and make its path toward the $ 65K resistance. At the beginning of the week ahead, the market will continue to test the $ 65K level. A potential further move to the upside might bring the price of BTC toward the next short term resistance around the $68K, but currently with lower probability. A move to the opposite side, would bring BTC to test a $63K support for one more time.
