Last weeks high: $69934.6 Last weeks low: $64483.4 Midpoint: $59032.3
Bitcoin experiences its highest ever weekly close in history falling just shy of 70K. The previous ATH tested and bested multiple times during the previous week and broken yet again already this week hitting 72K! The Market Cap has overtaken Silver to become the 8th largest asset by MCap. We are now in price discovery territory and ~38 days away from The Halving.
Blackrock continues to buy and now closes in on MicroStrategy who has been accumulating since August 2020. MicroStrategy recently bought another 12,000BTC to stay in the lead but it looks like BlackRock will inevitably overtake them in holdings.
Bitcoin has maintained its march onwards and Ethereum still lags behind. A close eye on ETH/BTC pair shows that on the 1W 200EMA is now flipped to support after breaking out of a multi-year channel since May '21. ETH after broking 4K ~20% away from ATH.
Altcoins along with Ethereum are still lagging as BTC dominance continues to rise, however it doesn't necessary mean BTC is a better investment, once BTC dominance looks to have topped, the Altseason will allow Altcoins to catch up.
This week we continue to monitor the progress of the crypto market on the leadup to The Halving.
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Classic Bart Simpson pattern playing out right now.
I would like to see the previous cycles ATH of 69K be the support here, otherwise I think we could see a flush
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Perfect reaction from BTC, previous cycles ATH swept then straight to new highs.
I still believe we're due a larger correction but for now it doesn't seem like it's the right time.