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BTC Pushing Higher
Bitcoin prices are looking much more constructive this week. Following a period of stagnation last week, the leading crypto coin has been on the march north this week and is now close to retesting the current YTD highs around 49360. Indeed, following a sharp correction lower from those current highs, BTC futures have now recovered more than 20%. With BTC pushing higher, bulls are now hopeful of a fresh breakout and the beginning of a new bull run.
ETF Outflows Subside
The driver behind the move is not entirely clear but industry data suggests that the passing of ETF outflows is helping BTC regain bullish momentum. SEC approval of spot-BTC ETF applications allowed for those who have invested prior to approval to cash out on their stakes. This tide of outflows saw BTC selling off initially post-approval. However, with those outflows having dried up now, BTC is back to trading on fundamentals.
Bitcoin Halving Event on Horizon
One further bullish driver here is the upcoming BTC halving event in April. With prior halving events having fuelled significant rallies, BTC bulls are hopeful of fresh upside in coming months. Indeed, data reported by CoinDesk shows that BTC whales (accounts holding over 1000 BTC) have added significantly in recent weeks. This shows growing conviction in a bullish move and is an encouraging sign that further upside is coming for Bitcoin.
Technical Views
Bitcoin
The breakout above the 45520 level has negated a possible head and shoulders pattern and put the focus firmly back on further upside. While above this level, the next objective is a test of the 48350 and a breakout beyond to 50675, in line with bullish momentum studies readings.
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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.