Soaring Institutional Demand
Bitcoin prices are on watch today with the futures market testing the key $108k-level resistance, just below the all-time highs. Institutional demand has surged higher in recent weeks with BTC ETFs recording a record $3.3 billion over the last 10-days. Indeed, industry data reflects a massive amount of short-liquidations over the course of the latest push higher this week with growing long interest suggesting a forthcoming breakout.
Risk Sentiment & BTC
The rally in Bitcoin suggests a decoupling from the broader risk complex where stocks have softened over the last two days amidst rising geopolitical uncertainty. Bitcoin had previously been bolstered by optimism around US/China trade talks. However, where that optimism has faded this week, capping the rally in other risk assets, BTC has continue to push higher.
Crypto Bill in US Congress
Developments in the crypto space are turning increasingly bullish for Bitcoin and traders are now looking ahead with excitement to the crypto bill due to be discussed in US Congress tomorrow. If the debate goes well BTC looks poised to breakout this week. Indeed, leading US IB JP Morgan this week revised higher its year end BTC forecast to $150k, echoing a similar forecast issued last week from Standard Chartered.
Technical Views
BTC
The rally in BTC has stalled for now into a fresh test of the $108,855 level resistance, just below all-time highs. While some profit taking and reactive selling is to be expected here, the focus remains on a fresh break higher while price holds above the $100k mark.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.