Daily Market Analysis - BTC
The markets are volatile today, earlier the market was up to $283 billion, but dropped down to $270.34 in less than 2 hours time. Dominance is up to 56.62%. The price of Bitcoin is at 8600.
The price of Bitcoin jumped to 9000 and quickly retraced to 8500 in a bout of profit taking from traders and bots.
The price has 2 days before testing the ascending channel wall. We know there are billions of dollars ready to move into the market on the sidelines as witnessed by the immediate bounce from 8500-8600, which reinforces the continued buying pressure at the 8500 mark.
Until the price definitively closes above 9000 or below 8500, you should be ready to react with the market.
A close above 9000 would signal a move to 9200. A break below 8500 would signal a re-test of support at 8000.
Potential upcoming catalysts include the opening of Fidelity crypto trading. News was announced they plan to open services within the next weeks.
That announcement was made ~5 weeks ago. Unless Fidelity fails to adhere to it's timeline, we should be ready for an announcement within the next month.
The price of Bitcoin jumped to 9000 and quickly retraced to 8500 in a bout of profit taking from traders and bots.
The price has 2 days before testing the ascending channel wall. We know there are billions of dollars ready to move into the market on the sidelines as witnessed by the immediate bounce from 8500-8600, which reinforces the continued buying pressure at the 8500 mark.
Until the price definitively closes above 9000 or below 8500, you should be ready to react with the market.
A close above 9000 would signal a move to 9200. A break below 8500 would signal a re-test of support at 8000.
Potential upcoming catalysts include the opening of Fidelity crypto trading. News was announced they plan to open services within the next weeks.
That announcement was made ~5 weeks ago. Unless Fidelity fails to adhere to it's timeline, we should be ready for an announcement within the next month.
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