To the moon – The Bull Run is back on with Bitcoin clearing sellers of around $70,000. It took several months before pricing could be restarted. And BTC is not doing things by halves as the price reached the psychological round number of $90,000. The price is around fifteen percent of $100,000 and the demand for crypto investment products still exists. Additionally, investment vehicles have gained $9 billion since the first rate cut in September. Just that!
If Bitcoin has been attracting capital for several days now, will this trend continue? We technically analyze various assets in Macro Point!
Bitcoin is leaving its period of lateralization to enjoy a second phase of growth
When we follow the price of Bitcoin from bottom of the cycle around $15,000we realize it was there several stages. First, the course has joins its 2021 ATHespecially thanks speculation around spot ETFs. Then – long – lateralization period was introduced. He has a course from March to the beginning of November it dropped below $50,000 several times. But in the end, it was the buyers who had the final say in unequivocally $70,000. The course leaves little room for doubt, the second phase of the increase seems to have started withthe election of Donald Trump :
This will be necessary for further upward development maintain the support level at $70,000 as well as institutional bias (EMA 9/EMA 18) bullish. There is no fixed resistance for BTC anymore and join $100,000 it already seems impossible. Some crypto enthusiasts have been waiting for this for several years, and BTC has a chance to reach the holy grail by the end of 2024. RSI is moving up since August. THE so the momentum is bullish Yet.
Risk off: The dollar must weaken, gold breathes
Dollar is moving at the top of the range, will the rejection come?
THE risky assets enable to obtain high yieldsbut as their name suggests, the risk is higher only for the so-called refuge. Among the assets of the safe harbor we find in particulargold and dollar (DXY). Capital tends to flow between these different asset types, which is why it is interesting to analyze the dollar and gold. In 2022, the DXY literally exploded higher, and this showed that safe haven assets were capturing capital. But what happens now?
THE DXY is stuck in range from the end of 2022. However, under these conditions, the price of Bitcoin was able to express itself in 2023. So it is rather a good sign for the cryptocurrency king :
This will be necessary if we want bitcoin to continue to grow the dollar index weakens. And for that, the range would have to continue rejection at the resistance level at 106. RSI is back in touch with bearish trend line. Here we could one more time observe shortness of breath.
Gold is down, but buyers still have the upper hand
The price of gold is clear upward trend from early 2023. All returns at average level mobile 9 and 18 bullish operators are buying so far. And therefore the probabilities are tilted towards ka a new bounce around $2,600 :
In the event of a rebound here, the price could once again register ATH. On the other hand, if the sellers win on the moving averages, the return to weekly support of $2,400 is possible. Here the probabilities will again be oriented towards a rebound to recent highs. At the same time, RSI is moving up almost two years now. THE momentum is still clearly bullishand it isn’t no signs of shortness of breath.
Gold and Bitcoins are in finding out the price currently, but BTC has a relatively low cap significantly outperforms gold for several weeks:
The price of the Gold/BTC pair is back to a weekly support important. That’s the support she had allowed gold to regain color against bitcoin at the end of 2021. There could be a rebound here. However, the goal of cryptocurrency enthusiasts is that support recedes.
Note that the RSI sent a bearish signal with breakage bullish trend line. THE therefore, the momentum is bearish until proven otherwise.
ATH for S&P 500 and NASDAQ
S&P 500 rebounds on bullish institutional bias
The US market has been doing well as shown by the S&P 500 price for several months now. THE troughs and peaks riseand the price remains beyond the scope bullish institutional bias. A few days ago the course bounced back from bullish moving averages of 9 and 18 :
The reflection led ka a new all-time high. Until the trend changes bear structurebuyers have control over price. AND loss of $5,600 in support would challenge the trend, but this bear scenario has probably won’t happen.
Course is moving up, but the RSI is seeing a bearish divergence. That doesn’t mean the price will crash, but in theory it will the course runs out of breath. There will be shortness of breath validated only in the case of a bearish structure on the course.
NASDAQ: hold $20,300 to continue upside
Also NASDAQ it recorded a new ATH by crossing $20,700 :
NASDAQ is clear bullish and as long as the $20,300 level holds, momentum will remain bullish on this asset. On the other hand, if the rate slides under the supportit could go back up additional support of $18,000. THE The RSI is no longer moving upbut it will require a fence under 45 so that I can record a weekly bearish divergence.
Key elements to remember
If we look at the various key assets of the financial markets, we notice that they are all currently in the price discovery phase (except the dollar). Indeed, Bitcoin, Gold, the S&P 500, and the NASDAQ are all trending higher and have recently seen ATHs. DXY has been in a range since the end of 2022. For BTC to continue moving towards $100,000, DXY would have to weaken at the top of the range.