Hey guys, welcome to this new video where I discuss the recent Bitcoin (BTC) surge. Is that a so-called aid rally or the beginning of a new one bull run? In this video I dive into the dates, the news and of course the prices!
Bitcoin surges after Grayscale win
First the big news: Big money manager Grayscale has won a lawsuit against the US Securities and Exchange Commission (SEC). This is a big win for the crypto world. This could open the door for future spot bitcoin ETFs or exchange-traded funds. That could give the market a huge boost.
But beware, there are still some hurdles along the way, such as potential SEC denials. On Friday, the SEC again has to rule on various ETF filings. If a decision is postponed, I see prices drop sharply again.
BTC price is struggling with key resistance levels
Of course I also look at the graphics again. We have seen a nice green surge but there are still many resistance levels to clear. The price is still below a resistance group like the $28,500 horizontal level and the 50-day moving average. Also, we are still below the 200-week moving average, which is an important level to watch. If we can catch up there, that would be a very positive sign.
The correlation with the US dollar index (DXY) is also interesting. When the dollar is strong, bitcoin is often not. So be sure to keep an eye on that. So is this a relief rally, a scam, or the start of something bigger? We will see. But one thing is for sure: the market is very interesting right now, so don’t miss this video!
Want to learn more about crypto?
You can contact Bitcoin Advisor for highly educational courses on Bitcoin, blockchain technology and how to invest in it. I even offer one for that free course for beginners! I also have a company page on our website where you can do this Learn more about its services.