Last weeks high: $110,718.68
Last weeks low: $103,065.74
Midpoint: $106,892.21
As we approach the middle of the year, Bitcoin is back above $100,000 despite pulling back from a new ATH of $112,000. In the month of MAY BlackRocks ETF had record inflows of over $6B propelling prices 11% higher.
Last week we saw as the month closed and with that it's natural to have a window dressing period that usually leads to de-risking slightly. BTC stayed within the previous weeks range and maintains the pattern of:
Chop/consolidation --> expansion to the upside --> chop/consolidation...
However in this case the consolidation week had a much larger range than in the past which is a sign to me that the rally is exhausted for now. It's because of this I feel we may see a weekly low break for the first time in a month and get a more meaningful pullback than we've seen since early April. My target would be around the $97,000 area.
The case for the bulls is still a convincing one despite some red flags. Record ETF inflows continue to pour, M2 money supply continues to grow and a general shift to risk-on assets is clear. However these are longer term factors and just for this weeks outlook the momentum is with the bears briefly.
Last weeks low: $103,065.74
Midpoint: $106,892.21
As we approach the middle of the year, Bitcoin is back above $100,000 despite pulling back from a new ATH of $112,000. In the month of MAY BlackRocks ETF had record inflows of over $6B propelling prices 11% higher.
Last week we saw as the month closed and with that it's natural to have a window dressing period that usually leads to de-risking slightly. BTC stayed within the previous weeks range and maintains the pattern of:
Chop/consolidation --> expansion to the upside --> chop/consolidation...
However in this case the consolidation week had a much larger range than in the past which is a sign to me that the rally is exhausted for now. It's because of this I feel we may see a weekly low break for the first time in a month and get a more meaningful pullback than we've seen since early April. My target would be around the $97,000 area.
The case for the bulls is still a convincing one despite some red flags. Record ETF inflows continue to pour, M2 money supply continues to grow and a general shift to risk-on assets is clear. However these are longer term factors and just for this weeks outlook the momentum is with the bears briefly.
Note
Rejection at the midpoint for now, ideally the bulls need to flip this key S/R level. Note
Weekly low support has been lost, it felt like we would see this.$97,000 target is now in play going into week end.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.