BTC: RIDING THE BULLISH WAVE WITH CAUTION
Bitcoin is currently riding a wave of bullish momentum, trading around $69,700. The charts indicate an overall uptrend, with higher highs and lows on the 4-hour chart. The price is holding above key moving averages, signaling strong short-term and medium-term bullish momentum.
On the 1-hour chart, Bitcoin is consolidating, but there are signs of potential upward movement if buying pressure increases. The daily chart confirms the robust uptrend.
Market sentiment is positive, driven by anticipation of Bitcoin ETFs and Bitcoin halving, both of which are expected to reduce supply and increase demand. Growing institutional interest is also a positive sign for Bitcoin's long-term prospects.
Traders may consider entering a long position around the $68,000 support level with a stop-loss below $65,000.
Initial profit targets could be set around $70,005 and potentially extended to $72,000 if there is a strong breakout.
Risk management is crucial, and it's wise not to risk more than 1-2% of your trading capital on a single trade. While the outlook for Bitcoin is bullish, it's always possible to see short-term pullbacks or consolidation.
