Last weeks high: $48987.12
Last weeks low: $45231.94
Midpoint: $41476.76
Following such a historical week with the approval of the BTC ETF's on Wednesday 10th of January. BITCOIN reached a local high of 49K, since then price has fallen towards 41.5K (15% drop).
Price action this week is hard to predict as the ETF narrative has been driving BTC and crypto for quite a while now, with this even over and price falling after the news broke we are now at a crossroads where being bullish here could easily be punished, the halving is months away and the majority of smart money have made nearly 3x gains in one year predominantly due to the ETF narrative and the selling pressure is now high as investors have made substantial gains.
On the other hand we have BlackRock who just acquired $10m (11,500 BTC) and other funds looking to do the same, FOMO in these situations can play a huge part as retail investors simply won't want to take the risk and see prices fall lower before buying as they're scared prices will just leave them behind soon. ETF funds obviously want to buy cheap and they are the market makers which would indicate a want for lower prices.
A 30% drop is common place in a bull market, BTC would therefore go from 49k to 34K which is nearly in line with the 33K FVG which seems the logical target to me. I think if we see that level it would be towards the end of the week/ next week.
Last weeks low: $45231.94
Midpoint: $41476.76
Following such a historical week with the approval of the BTC ETF's on Wednesday 10th of January. BITCOIN reached a local high of 49K, since then price has fallen towards 41.5K (15% drop).
Price action this week is hard to predict as the ETF narrative has been driving BTC and crypto for quite a while now, with this even over and price falling after the news broke we are now at a crossroads where being bullish here could easily be punished, the halving is months away and the majority of smart money have made nearly 3x gains in one year predominantly due to the ETF narrative and the selling pressure is now high as investors have made substantial gains.
On the other hand we have BlackRock who just acquired $10m (11,500 BTC) and other funds looking to do the same, FOMO in these situations can play a huge part as retail investors simply won't want to take the risk and see prices fall lower before buying as they're scared prices will just leave them behind soon. ETF funds obviously want to buy cheap and they are the market makers which would indicate a want for lower prices.
A 30% drop is common place in a bull market, BTC would therefore go from 49k to 34K which is nearly in line with the 33K FVG which seems the logical target to me. I think if we see that level it would be towards the end of the week/ next week.