BTC Back in Business
Bitcoin prices are moving higher again into the weekend amidst a broad uptick in crypto prices through the back end of the week. On the back of the correction lower we saw from the highs printed last week, BTC futures have found fresh demand with the market now back up more than 6% this week, just under the all-time highs printed last week. The dip lower is said to have found strong institutional demand with longer term players taking advantage of distribution from shorter-term speculative players.
USD Weakness Helping Crypto
A pullback in USD this week is also helping revive demand for BTC here, fuelling an uptick in risk appetite. Trump’s treasury secretary selection has seen USTs dropping, leading to USD outflows. Month end flows are also weighing on USD here. Looking ahead, BTC prices look poised for further gains with focus on a breakout to fresh highs before year end. Anticipation ahead of Trump taking office next year is likely to see a flurry of buying though near-term price action is likely to remain volatile with year-end profit taking to be navigated in coming weeks also.
Technical Views
BTC
Following the corrective move lower, BTC has found strong demand into the test of the bull trend line and the 93,50s level. Price is now trading back above the 97,475 level and while above here, focus is on a fresh test of the ATH around 100k and a breakout higher.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.