I don't really know what all the excitement is about. On Weekly it seems like BTCUSD is entering a Death Cross suggesting a longer bear market.
The price is fast approaching the 50 and 200 MAs so that will certainly play an important role.
In addition Bitcoin finished the week with a lower high and the volume is clearly waning.
Therefore, I think Bitcoin will start dropping soon.
From a fundamental point of view, I would not be surprised if the Fed decided the markets are too optimistic right now and throw in a 50-point increase to reign in the dollar.
That would send shockwaves through all the risk assets.
The price is fast approaching the 50 and 200 MAs so that will certainly play an important role.
In addition Bitcoin finished the week with a lower high and the volume is clearly waning.
Therefore, I think Bitcoin will start dropping soon.
From a fundamental point of view, I would not be surprised if the Fed decided the markets are too optimistic right now and throw in a 50-point increase to reign in the dollar.
That would send shockwaves through all the risk assets.
