Risk assets are rallying today and the US dollar is falling. That’s normally a good mix for bitcoin but after touching the best levels since May 2022, bitcoin has reversed lower.
The high was $35,197, which is a handful of dollars above last week’s ETF-optimism inspired rally. Since then though, it’s turned lower and is now trading at $34,225.
The main catalyst in the days ahead remains ETF approvals but I fear we could see some heavy sell-the-fact trading after the approval or after the first trades. Those two events could happen relatively close to one-another and could come any day so eyes are warranted on bitcoin.