Today is the last day that Bitcoin isn’t the legal tender of a country. From tomorrow, the good people of El Salvador can buy anything they choose with Bitcoin. One would imagine Satoshi would approve.
I mentioned on Friday that it would be a surprise if Bitcoin finished the weekend below $50,000. A couple of shallow dips below this level found buyers, and today, Bitcoin has marched back above $52,000 for the first time since the 13th of May (on the 12th of May, the high was $58,000.)
$53,165, $56,670, $61,750, and $64,893 are the levels to focus on for the bulls, as the noise of a return to the ATH begins to build.
Don’t expect an easy ride! The FUD tombola will be out in full force this week if Bitcoin carries on advancing. Haters gonna hate, especially when they told you not to do it, and now you’re happily making money from ignoring their advice. Our favorite press office will be in on the act, alongside more traditional frenemies, such as JP Morgan, who have reported that we are once again in a ‘bubble.’
If they are using words like ‘bubble’ now, you have to wonder what they will have left in the tank if Bitcoin goes on to print a new ATH this year. The odds of that happening, in my mind, have swung from ‘very unlikely’ to ‘evens.’
Exchange balances are heading south again, which is a great sign for the bulls.
The hash rate is returning to its yearly average, post the ‘hash crash’ earlier this year.
The miners are slowly increasing the supply of Bitcoin, hitting exchanges, which we know from the first chart, are moving into the wallets of hodlers.
Bubble or not, this rally looks like it still has some legs.
Bitcoin “Doing Thangz” as it breaks the 61.8% retrace level at $51,000, printing a bullish engulfing candle on the daily close. MACD and RSI oscillators look incredibly strong, as the bears have nothing technically to look forward to. Of course, tomorrow may be a different story, but right here, right now, enjoy the rally. The next target is $57,000 to $ 58,000, then previous ATH of $65,000. Supports on the daily are at $48,000 and $46,000 (200-day MA).
The sell wall between $50,500 and $51,000, which held for a week, finally broke last night, driving Bitcoin towards $52,000. Old resistance is now seen as support at $49,500 and $48,000, respectively, drawing demand on any pullback.
Bitcoin has printed a bullish engulfing candle after last week’s indecision sideways shuffle. The RSI oscillator is now above 60%, historically bullish, with MACD building momentum. Please note ETH printed its highest weekly close in history, hinting to further upside for the two largest coins by Market Cap.
It looks like crypto isn’t correlated to traditional markets, at least not during this past session.
Bringing digital assets to the world.
EQONEX is a digital assets financial services company focused on delivering a full, digital asset ecosystem that offers innovative, trusted, and transparent products and services.
© 2022 EQONEX Capital Pte Ltd
All rights reserved.