Previous week was one that the market had not seen for a long time. However, on the opposite side, it has been awaited. Namely, after the approval of the first BTC ETF, markets had a mild reaction, with only a shy long positioning. Investors were waiting for a clear sign whether the inflation in the US is on a clear down path, which would imply certain moves from the Fed in terms of decreasing interest rates. The US economic indicators posted during the previous week were a clear sign which the market was waiting for in order to position into more riskier assets, like the crypto market. In this sense, BTC continued with its road toward the higher grounds, reaching the highest weekly level at $63.770. BTC is ending the week around the level of $62K, as only a small correction of a previous strong move toward the upside.
BTC started the previous week around level of $51.2 and made a strong move toward the upside, gaining around 22% on a weekly basis. Since the beginning of February, the coin has been moving within the overbought territory. The RSI continues to move above the level of 70. As long as the latest hype over the BTC is strong on the market, it could not be clearly noted when the time of short term reversal toward the oversold side could start. Moving averages of 50 and 200 days continue to move as two parallel lines with an uptrend.
BTC is in the strong bull market. As long as this trend lasts, only small corrections should be expected and not any kind of significant move toward the downside. As per current charts, it seems that the market exhaustion was around level of $62K, however, it should be taken with precaution. In this sense, there is some probability that BTC might revert a bit toward the $60K support line, to test it, but it could occur either in a week or a two weeks period. The picture on charts will be clearer when the market returns to its regular mood. But what at this moment charts are telling is that there is a high probability for a new ATH for BTC during the course of this year.
BTC started the previous week around level of $51.2 and made a strong move toward the upside, gaining around 22% on a weekly basis. Since the beginning of February, the coin has been moving within the overbought territory. The RSI continues to move above the level of 70. As long as the latest hype over the BTC is strong on the market, it could not be clearly noted when the time of short term reversal toward the oversold side could start. Moving averages of 50 and 200 days continue to move as two parallel lines with an uptrend.
BTC is in the strong bull market. As long as this trend lasts, only small corrections should be expected and not any kind of significant move toward the downside. As per current charts, it seems that the market exhaustion was around level of $62K, however, it should be taken with precaution. In this sense, there is some probability that BTC might revert a bit toward the $60K support line, to test it, but it could occur either in a week or a two weeks period. The picture on charts will be clearer when the market returns to its regular mood. But what at this moment charts are telling is that there is a high probability for a new ATH for BTC during the course of this year.
