BITCOIN ↗️
The rejection of the all-time high may invite some sellers, but the trend is clearly long, here are the next targets.
Key Chart (H4)
The market is around the all-time high, and a liquidity grab may joke around the buyers, but the long trend changes only below the short trigger level (red).
If the market is traded above the H4 and the Daily impulse base, a countertrend break is a nice entry for the next targets given by the weekly and the daily target fibo levels.
The idea is invalidated below the daily impulse base.
Weekly chart
However, the market is after a huge impulse, so if the sellers take control, there is a huge room for correction on the weekly chart - below the red level.
Key Fundamentals: Bitcoin (BTC/USD)
Summary
Bitcoin remains a focal point in the cryptocurrency market, with its price movements shaped by regulatory developments, institutional adoption, and macroeconomic factors. Analysts see Bitcoin as both a speculative asset and a potential hedge against inflation, though risks remain elevated.
Key Factors
• Regulatory Landscape: Analysts at CoinDesk highlight that regulatory clarity in the U.S., particularly around Bitcoin ETFs, could unlock significant institutional inflows. The SEC’s recent delays in approving spot Bitcoin ETFs continue to create uncertainty.
• Institutional Adoption: A report from Glassnode notes growing interest from institutional investors, with rising activity in Bitcoin futures and options markets, signaling maturing market infrastructure.
• Macroeconomic Drivers: Bloomberg points to Bitcoin’s sensitivity to U.S. Federal Reserve policies. Higher interest rates have dampened risk appetite, but easing monetary policy could reignite bullish momentum.
• Supply Factors: With the next halving event expected in 2024, Messari suggests that reduced Bitcoin issuance could support long-term price growth.
Actionable Insights
• Outlook: Bitcoin’s price is likely to remain range-bound in the near term, influenced by regulatory developments and macroeconomic conditions. The halving event in 2024 adds a bullish long-term catalyst.
• Recommendation: Long-term investors should consider accumulating Bitcoin on dips, given its potential as a digital store of value. Short-term traders should monitor crypto market sentiment and regulatory news for trading opportunities.