Bitcoin BULL RUN is back! Or is it...🤔

Hey team! Hope everyone has been having a great week.

In today’s post we’ll go over Bitcoin & crypto’s latest double digit gains and whether or not the bulls are back in control.

So is this Bitcoin pump for real?

Do we go long on 500x leverage and bet the farm?

Is Bitcoin finally — dare we say — …decoupling?

We’ll answer all of your hard pressed questions in today’s post.

Let’s dive right in…

Taking a look at the Bitcoin Daily chart. We see yesterday’s MASSIVE candle up towards $25K.

We can see a healthy bounce off of the upper yellow dashed line, where we found some support the last few weeks.

We’ve mapped our the key $25k level with the blue line in the chart above, as this is a major resistance level.

If Bitcoin can flip AND hold/consolidate above $25K, the bullish move up towards $28-30K (blue shaded rectangle) becomes very strong.

On the flip-side, if we see a hard rejection off of that $25K level, the elevator down might not be a fun ride.

Before making any definitive calls on a move, we should always consider higher time frames.

Looking at the Weekly Bitcoin chart, we can see the “Death Cross” that we mentioned in our last Bitcoin post.

Death cross = 50 day moving average crossing DOWN on the 200 day moving average.

If we get a weekly candle, or multiple weekly candles ABOVE the blue $25K level, that bullish case becomes that much stronger.

Once again, the same can be said for the bear case as well.

So is Bitcoin “decoupling” then? Tough to say given the uncertainty and bearishness of the overall macro environment.

Could this recent pump be investors and traders fleeing stables due to recent SEC pressure? Possibly.

Is Bitcoin finally being seen as the “store of value” it claims to be given the uncertainty in the overall economy? Possibly.

Regardless, we remain to be cautious on this pump until we see a strong flip above that $25K level. Or signs of improvement in the macro situation.

Should be a fun next few weeks!

Eyes peeled out there, stay safe, and we’ll see you in the next one.

Cheers.

-The AlgoBuddy Team