Bitcoin (BTC/USD) daily chart
It has been quite the week so far for Bitcoin, after it surged past the $30,000 mark and took more or less one shot to clip the $35,000 mark. Since then, gains have been capped but not after a bit of a fiasco with the ETF ticker on the DTCC website. In case you missed the headlines:
My take is that approval on this is imminent and it is more of a question of when. Whether or not it triggers another pump in Bitcoin will be the real point of contention in my books. There could a potential sell the fact trade on the cards but it is hard to ignore what is happening on the charts right now with regards to Bitcoin.
Price is at its highest since May last year and have also broken back above the confluence of the 100 and 200-week moving averages – the last time it traded above both was in April last year.
That could be a sign of a resurgence but I still hold my reservations and would expect the latest pump to be met with an equally strong squeeze at the end of it all. But as is the case with trading in all things, it is all about timing.
