Bitcoin accelerates the momentum
BTCUSD is in a strong uptrend, having driven by the strong momentum.
The recent inflows in Bitcoin ETFs and rising open interest for all kinds of derivatives have triggered the FOMO rally, which involves consecutive growth with no corrections.
Even keeping this in mind, Bitcoin might not be overbought just yet. According to the 1-year HODL wave indicator, the uptrend may be in the beginning of the initial phase.
The recent decline of 30-year bond yields for the US and rumors about a shift in the monetary policy boost outflows from fixed-income assets and inflows to cyclical speculative assets, such as tech stocks, Gold, and Bitcoin.
From a technical standpoint, a decent trade location for going long may be the breakout zone at the upper border of a trading range, at around a price level of $74000. If this level will be broken, BTCUSD might accelerate the momentum and drive towards $77000-78000 area.
Don't forget to protect your positions accordingly, as volatility for Bitcoin is higher than usual, and a false breakout may also happen, though it is a less favorable scenario.
The recent inflows in Bitcoin ETFs and rising open interest for all kinds of derivatives have triggered the FOMO rally, which involves consecutive growth with no corrections.
Even keeping this in mind, Bitcoin might not be overbought just yet. According to the 1-year HODL wave indicator, the uptrend may be in the beginning of the initial phase.
The recent decline of 30-year bond yields for the US and rumors about a shift in the monetary policy boost outflows from fixed-income assets and inflows to cyclical speculative assets, such as tech stocks, Gold, and Bitcoin.
From a technical standpoint, a decent trade location for going long may be the breakout zone at the upper border of a trading range, at around a price level of $74000. If this level will be broken, BTCUSD might accelerate the momentum and drive towards $77000-78000 area.
Don't forget to protect your positions accordingly, as volatility for Bitcoin is higher than usual, and a false breakout may also happen, though it is a less favorable scenario.
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