Bitcoin Trades Inches From The ATH
Bitcoin's price wicked to a few hundred dollars from the ATH
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
Bitcoin investment vehicles amass over 1 million BTC, worth around $67 billion (The Block)
Do Kwon’s extradition from Montenegro to the US revoked on appeal (The Block)
Bitcoin traders dismiss ‘triple top’ as BTC price stops $150 from $69K (CoinTelegraph)
Binance to cease all Nigerian naira transactions by March 8 (CoinTelegraph)
Bitcoin ETF Issuer VanEck Has Huge Crypto Growth Goals in Europe (CoinDesk)
Crypto Liquidations Cross $550M as Bitcoin Remains Volatile Ahead of Historic Highs (CoinDesk)
MicroStrategy will use proceeds from convertible note sale to add to bitcoin stash (Blockworks)
Tether prints 100 billionth USDT (Blockworks)
BlackRock Seeks to Add Bitcoin ETFs to Its Strategic Portfolio (Decrypt)
Here’s how much insurance covers bitcoin ETFs (Protos)
Coinbase notes ‘excitement’ in crypto as exchange hit with second outage in a week (DLNews)
BTC Outlook
Bitcoin traded within a few hundred dollars (USD) of its previous all time high over the last 24 hours. If you missed it check out the Foot Gun’s Podcast where we discuss the global macro backdrop that Bitcoin is currently trading within. Premium subscribers can watch Hal’s in-depth analysis of the Bitcoin price history.
For now we continue to observe the Bitcoin price’s response to the ATH and whether or not it can breach it this week. Check out last week’s article as not much has changed in the Bitcoin market as momentum pushes the prices towards the ATH.
Join us in discord where we will actively be following Bitcoin’s price action as well as other markets including equities, altcoins, and commodities.
Possible Course of Action
DCA into spot long over Q1 in anticipation of Halving (2024 summer)
Long near 50 day MA or 200 day MA
Short or sell near old ATH expecting it to act as resistance
The Bulls’ Defense:
Price still trading above 50 day and 200 day MA
$52k resistance broken with strong upside momentum
The Bears’ Prosecution:
Old ATH has acted as short-term resistance
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