We exited our Bitcoin exposure after the cryptocurrency lost its previous high at 65K. For now it is trading below the upper channel it has created in the past few months. The next support area is around 58K which coincides with its 21EMA. For better action, it needs to reclaim 63K in the following week. A new Bitcoin futures ETF will become available next week, see if this proves to be another catalyst or not. The extreme euphoria from last week translated into a period of profit taking for now.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.