Daily BTC Review
Moving within a positive scenario, the week didn't just close well, it closed great, around 40K. At the same time, without much effort, the buyer was able to break above the psychological level, which indicates serious intentions to move on📈
❗️Breaking through 40K is only the first step, it is important to stay above this level, in which case, as I wrote earlier, the medium-term upward movement will continue. And the next price level where BTC will come will be the 45K level.
There is also a negative scenario, rather a corrective one, but I will talk about it a little later, we should first see how the current day will be closed and whether the buyer will be able to keep the price above 40-41K.
Moving within a positive scenario, the week didn't just close well, it closed great, around 40K. At the same time, without much effort, the buyer was able to break above the psychological level, which indicates serious intentions to move on📈
❗️Breaking through 40K is only the first step, it is important to stay above this level, in which case, as I wrote earlier, the medium-term upward movement will continue. And the next price level where BTC will come will be the 45K level.
There is also a negative scenario, rather a corrective one, but I will talk about it a little later, we should first see how the current day will be closed and whether the buyer will be able to keep the price above 40-41K.
Forwarded from Trade Solidify (V.I.P)
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Sell/Short: BTC/USDT
Entry = 41600
Entry = 42000
Entry = 43200
🎯 Tp1-41200
tp2- 40697
tp3- 40086
tp4- 39494
Tp5-39009
Tp6-38000
tp6-34000
Sl: 44120
Leverage: Up to 20x
Sell/Short: BTC/USDT
Entry = 41600
Entry = 42000
Entry = 43200
🎯 Tp1-41200
tp2- 40697
tp3- 40086
tp4- 39494
Tp5-39009
Tp6-38000
tp6-34000
Sl: 44120
Leverage: Up to 20x
🏠 SEC has postponed the consideration of Grayscale's application for a spot ETH-ETF.
💰 U.S. crypto firms spent $19 million on lobbying in the first 3 quarters, which is $3 million more than in 2022.
💳 The Swiss city of Lugano officially announced that it has started accepting BTC and USDT as payment for taxes.
💸 The word "BTC" appeared in 1,074 regulatory documents filed with the SEC in the U.S. in November, the highest number on record.
💻 Coinbase reported that Coinbase Wallet users can use shared links for transfers worldwide, including on iMessage, Telegram, WhatsApp, Facebook, Instagram, TikTok, etc.
📝 Analysts: Deribit data suggests "signs of support" for further BTC growth in the spring of 2024.
💰 U.S. crypto firms spent $19 million on lobbying in the first 3 quarters, which is $3 million more than in 2022.
💳 The Swiss city of Lugano officially announced that it has started accepting BTC and USDT as payment for taxes.
💸 The word "BTC" appeared in 1,074 regulatory documents filed with the SEC in the U.S. in November, the highest number on record.
💻 Coinbase reported that Coinbase Wallet users can use shared links for transfers worldwide, including on iMessage, Telegram, WhatsApp, Facebook, Instagram, TikTok, etc.
📝 Analysts: Deribit data suggests "signs of support" for further BTC growth in the spring of 2024.
Daily BTC Analysis 🌐
Despite being considerably overbought across multiple timeframes, Bitcoin has persisted in its upward trajectory, nearing the previously identified resistance level of 45K📈
Given Bitcoin's tendency to surge without undergoing corrections in the current market and considering the potential for accelerated growth, it's prudent to take note of other critical resistance levels:
🚀45K - already highlighted; a breakthrough would signal further upward movement.
🚀48K - the 2022 peak, marking the onset of an impulsive decline to 15.5K.
🚀50K - a psychological resistance point.
🚀52K - another resistance level, back in 2021, impeding the climb to 70K.
❗️There are only two primary support levels below - 40K and 38K. Venturing below these could jeopardize the upward structure and is not recommended.
Despite being considerably overbought across multiple timeframes, Bitcoin has persisted in its upward trajectory, nearing the previously identified resistance level of 45K📈
Given Bitcoin's tendency to surge without undergoing corrections in the current market and considering the potential for accelerated growth, it's prudent to take note of other critical resistance levels:
🚀45K - already highlighted; a breakthrough would signal further upward movement.
🚀48K - the 2022 peak, marking the onset of an impulsive decline to 15.5K.
🚀50K - a psychological resistance point.
🚀52K - another resistance level, back in 2021, impeding the climb to 70K.
❗️There are only two primary support levels below - 40K and 38K. Venturing below these could jeopardize the upward structure and is not recommended.
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📉 Bitcoin's 8% Drop: A Tactical Play in the Bull Market?
🔍 Funding fees: A Key Indicator
"BTC has witnessed an 8% fall, a notable move in the crypto sphere. Interestingly, this drop aligns with a shift in funding rates. Previously, we observed a correction at a funding fee of 0.05%. This time, just before the downturn, the rate hovered around 0.04%. Such funding rates are crucial indicators, often hinting at the market's overall health. As the rates cool down to near zero, they pave the way for potential price accelerations.
📊 Understanding the Market Dynamics
The recent downturn appears to be more about futures than spot sales. Analyzing the market patterns, it's clear that a significant portion of the drop was due to stop-losses and liquidations of long positions in futures. This is a classic strategy in a bull market, where the market operators aim to trim the excess of long positions, a necessary 'shave' to maintain balance.
🔍 Spot Sales vs. Futures Movements
Why am I convinced about minimal spot sales during this dip? Historically, substantial price drops were often triggered by FUD or negative news, leading to real spot volumes as traders rushed to sell their assets. These movements often coincided with a spike in gold prices, as investors moved from high-risk assets like Bitcoin to safer havens like gold. However, this time, we're seeing a different pattern. The gold price isn't rallying; it's actually continuing its downtrend.
🐋 Whales at Play: A Strategy Shift
This shift indicates a strategic move by large market participants. In earlier phases, FUD was a tool to induce selling, enabling whales to accumulate at lower prices. But now, the game has changed. There's no reliance on FUD or significant spot sales. The current objective seems to be gathering liquidity from futures in preparation for a potential rally, possibly towards the $50K mark.
🔮 Looking Back to Look Forward
Those who've experienced previous bull markets might recall similar patterns. Such strategic moves are not uncommon and often precede significant price movements.
🔍 Funding fees: A Key Indicator
"BTC has witnessed an 8% fall, a notable move in the crypto sphere. Interestingly, this drop aligns with a shift in funding rates. Previously, we observed a correction at a funding fee of 0.05%. This time, just before the downturn, the rate hovered around 0.04%. Such funding rates are crucial indicators, often hinting at the market's overall health. As the rates cool down to near zero, they pave the way for potential price accelerations.
📊 Understanding the Market Dynamics
The recent downturn appears to be more about futures than spot sales. Analyzing the market patterns, it's clear that a significant portion of the drop was due to stop-losses and liquidations of long positions in futures. This is a classic strategy in a bull market, where the market operators aim to trim the excess of long positions, a necessary 'shave' to maintain balance.
🔍 Spot Sales vs. Futures Movements
Why am I convinced about minimal spot sales during this dip? Historically, substantial price drops were often triggered by FUD or negative news, leading to real spot volumes as traders rushed to sell their assets. These movements often coincided with a spike in gold prices, as investors moved from high-risk assets like Bitcoin to safer havens like gold. However, this time, we're seeing a different pattern. The gold price isn't rallying; it's actually continuing its downtrend.
🐋 Whales at Play: A Strategy Shift
This shift indicates a strategic move by large market participants. In earlier phases, FUD was a tool to induce selling, enabling whales to accumulate at lower prices. But now, the game has changed. There's no reliance on FUD or significant spot sales. The current objective seems to be gathering liquidity from futures in preparation for a potential rally, possibly towards the $50K mark.
🔮 Looking Back to Look Forward
Those who've experienced previous bull markets might recall similar patterns. Such strategic moves are not uncommon and often precede significant price movements.
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The possibility of early approval of spot bitcoin ETF
The SEC is likely to notify the 14 asset managers vying for the spot bitcoin ETF by Tuesday or Wednesday of next week, before the January 10 deadline. Fund management firms that have reached the end of their year-end deadline may be able to launch their product by January 10.
These companies include Ark Invest, 21Shares, Valkyrie, Bitwise, WisdomeTree, Franklin Templeton, BlackRock, VanEck and Invesco.
It is to be said that the approval of spot bitcoin ETF is expected to pour more institutional capital into the crypto field.
The SEC is likely to notify the 14 asset managers vying for the spot bitcoin ETF by Tuesday or Wednesday of next week, before the January 10 deadline. Fund management firms that have reached the end of their year-end deadline may be able to launch their product by January 10.
These companies include Ark Invest, 21Shares, Valkyrie, Bitwise, WisdomeTree, Franklin Templeton, BlackRock, VanEck and Invesco.
It is to be said that the approval of spot bitcoin ETF is expected to pour more institutional capital into the crypto field.
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