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- Don't Buy The News! Bitcoin ETF Hangover 😵
Don't Buy The News! Bitcoin ETF Hangover 😵
Is the Super Bowl Logo Rumor Priced In?
Sell the news, buy the memes? Now, I’m not your average conspiracy theorist but this one takes the cake. For the past two years, the winner of each NFL conference has been eerily predicted based on the colors of the Super Bowl logo. For a third year in a row, the two favorites appear to be close to replicating this trend. Just like the bullish ratings on the Bitcoin ETF, there was much to be excited about and with the recent explosion of online gambling, a lot to speculate on—until there isn’t.
If everyone is excited and sentiment which involves big money feels overheated, there’s usually a high probability of disappointment.
Don’t be a gambler. Fight irrationality. Instead, stick close to the fundamentals.
Next Chapter: Bitcoin's Descent and the $40,000 mental level
As we analyze the latest weekly chart, Bitcoin's journey has been marked by a continued descent from the formidable resistance level, ultimately breaching the crucial $40,000 mark. Despite the eager anticipation surrounding potential ETF approvals, Bitcoin encountered resistance within the critical zone outlined in our previous newsletters. Looking ahead, the next major zone on the weekly chart falls between $29,500 and $32,500.
Bearish Breakdown: Analyzing Bitcoin's Recent Decline and Key Support Levels
Turning to the daily chart, Bitcoin's recent decline follows a significant break below a major trend line, signaling a bearish trend. As we navigate this downturn, it's essential to identify potential support levels. Keep a close eye on 37,400 to 38,000 zone, 34,200 to 35,000 zone, and 30,600 to 31,500 zone on the daily chart. These zones may influence the Bitcoin's trajectory, serving as either stabilizing points or triggers for a potential rebound.
Bitcoin Market Cap