Last weeks high: $67244.99
Last weeks low: $62406.59
Midpoint: $64825.79
As Bitcoin continues it's multi-week sideways chop, there really isn't a great deal to talk about in terms of price action other than it's extremely boring and potentially dangerous. I say dangerous because it's this kind of chop that separates the impatient and the patient. Trading price action like this especially using leverage is bound to end poorly as both long and short sides get caught up in a serious of stop hunts. The only trades that could be made are the extremes of the range that are set.
There is some hope however, the HONG KONG ETF's for BTC Ð go live from tomorrow (30th April). This could bring in-flows that have been missing in recent weeks as BlackRock and co. have dramatically lowered their in-flows and Greyscale continues to dump. Perhaps this new demand can absorb some of the Greyscale outflows? Or maybe it will be a non-event? We will keep a close eye on this throughout the week. There are also rumours that Australia will join the ETF movement too in the future.
The general Altcoin market is currently in a very oversold condition, having said that the relief bounce does not look to be in sight anytime soon, no point trying to catch a falling knife, if anything focus on DCA'ing (Dollar cost averaging) into strong projects but with a long term outlook. Narratives such as RWA, AI, DePIN etc.
In the short term all eyes are on last weeks low and if it can be reclaimed, if not 58K area is on the cards.
Last weeks low: $62406.59
Midpoint: $64825.79
As Bitcoin continues it's multi-week sideways chop, there really isn't a great deal to talk about in terms of price action other than it's extremely boring and potentially dangerous. I say dangerous because it's this kind of chop that separates the impatient and the patient. Trading price action like this especially using leverage is bound to end poorly as both long and short sides get caught up in a serious of stop hunts. The only trades that could be made are the extremes of the range that are set.
There is some hope however, the HONG KONG ETF's for BTC Ð go live from tomorrow (30th April). This could bring in-flows that have been missing in recent weeks as BlackRock and co. have dramatically lowered their in-flows and Greyscale continues to dump. Perhaps this new demand can absorb some of the Greyscale outflows? Or maybe it will be a non-event? We will keep a close eye on this throughout the week. There are also rumours that Australia will join the ETF movement too in the future.
The general Altcoin market is currently in a very oversold condition, having said that the relief bounce does not look to be in sight anytime soon, no point trying to catch a falling knife, if anything focus on DCA'ing (Dollar cost averaging) into strong projects but with a long term outlook. Narratives such as RWA, AI, DePIN etc.
In the short term all eyes are on last weeks low and if it can be reclaimed, if not 58K area is on the cards.