The premium on Bitfinex reached as high as $400 initially. This was a result of people needing to buy BTC in order to exit both Tether and Bitfinex in a hurry. The lower premium means that this exodus is tapering off along with the additional BTC buying pressure that that provides by means of arbitrage with other exchanges.
The weekly Stochastic RSI, Bearish RSI Divergence, horizontal resistance, and weekly Bollinger Band all indicate that we are coming up on a tradable top (at least.) If it breaks through I would not be surprised to see $7400 to $8000 in short order.
It is in a time like this that the 2014 bear market ended. In hindsight, it was the best to sell or hedge when it first reached horizontal resistance. I do not believe the second retest of this level will hold the price down, however.
Bitcoin is now entering the mass market phase of its lifecycle.
The weekly Stochastic RSI, Bearish RSI Divergence, horizontal resistance, and weekly Bollinger Band all indicate that we are coming up on a tradable top (at least.) If it breaks through I would not be surprised to see $7400 to $8000 in short order.
It is in a time like this that the 2014 bear market ended. In hindsight, it was the best to sell or hedge when it first reached horizontal resistance. I do not believe the second retest of this level will hold the price down, however.
Bitcoin is now entering the mass market phase of its lifecycle.
