Cry Later, Laugh Now

Bitcoin is @ 57K!

The Bulls were ready to break through after three straight playoff defeats at the hands of the two-time NBA Champion Bad Boy Pistons.

This scenario parallels Phil Jackson's second year coaching Michael Jordan and the Chicago Bulls after he took over from Doug Collins. Despite being down and facing a new cycle with little faith in what was possible, the team persisted and continued playing, ultimately becoming the dynasty we all know and love.

As news of institutional players entering the space, shifts in mining dynamics, and high fee environments emerge, it's tempting to celebrate fleeting victories and give ourselves a pat on the back. However, we must remember that we still have a long journey ahead of us. The true championship lies in the future, and there's much work to be done to reach our goals.

RO

Market Analysis

Weekly View

Chart Analysis: The $61,600 Threshold and Bitcoin's Next Potential Rally

In the current weekly outlook, Bitcoin commenced the week on a notably bullish note, showcasing an impressive surge of over 10% at the time of composing this post. As we navigate this upward momentum, attention is drawn to the impending resistance zone lying between $57,500 and $61,600. A pivotal aspect to emphasize is that a sustained move above this zone for more than two weeks could serve as a crucial indicator, signaling Bitcoin's readiness for its next potential parabolic run. This level gains particular significance as it denotes the point where Bitcoin faced challenges in maintaining stability during the previous cycle. Notably, the $57,500 level represents the 0.786 retracement of the last cycle's high to low movement. Adding to the anticipation, the coming weeks will prove crucial in gauging Bitcoin's trajectory and potential for a renewed bullish phase, especially as we approach the Bitcoin halving.

Daily View

Bullish Momentum: Bitcoin's Path Beyond $52,400 and What's Next

Zooming in on the daily chart, Bitcoin has made a notable move by breaking out of the trading range between $50,800 and $52,400 over the past two days. This bullish escape followed a week of consolidation within the mentioned range. Looking ahead, the next significant trading zone is projected to be around $59,000, aligning closely with the weekly analysis. Traders should closely watch these developments as they unfold, as breaching these key zones will play a vital role in determining Bitcoin's short-term direction.

Weekly Statistics

Bitcoin Market Cap

Bitcoin Dominance

Disclaimer: The information provided in this newsletter is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any financial instruments.