BTC Recovery Soars
Bitcoin prices are continuing to surge higher through the middle of the week with the futures market now up around 12% on the week. BTC has rallied almost 30% off the YTD lows with price recently breaking out above the bear channel from YTD highs, signalling a potential return to the January highs on the horizon.
BTC Decouples from Equities
The move higher comes despite the recent turmoil we’ve seen elsewhere in the risk complex as traders react to Trump unpredictable trade policies. Indeed. With equities prices tumbling in recent days, the push higher in BTC suggests a decoupling from those traditional risk assets and a return to BTC trading as an alternative safe-haven.
Huge New Bitcoin Investment Deal
The market is also being boosted this week by news of a huge news investment deal going through in Bitcoin. Tether, in partnership with Cantor Fitzgerald, SoftBank and BitFinex has announced plans to invest in BTC via a new fund, 21 Capital, the entities investing around $3billion in total. The news has fuelled a sharp liquidation of short-positions this week with the latest data reporting almost $700 million being wiped out in the last 24 hours as the market surged higher.
Bullish Forecasts
Given the shift in sentiment and the technical developments we’re seeing, the move looks poised to continue higher with many analysts calling for a return to the YTD highs before a push higher to $200k by year end.
Technical Views
BTC
The rally has seen market breaking out above the bear trend line from YTD highs and back above the key $91,750 level. Price is now retesting the broken bull channel lows and with momentum studies bullish, focus is on a continuation higher back to the $100k mark next. This view holds while price remains above $91,750.
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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.