*Bitcoin Market Update đ§§
$BTC
1. Bitcoin has finally broken above the yellow trendline it had been struggling to surpass for a while đ.
2. Although itâs still within a descending channel since the halving (marked by the purple line), it appears to be attempting a move toward the upper boundary of the channel again đ.
3. There were expectations of a further dip, but the fact that it moved above the trendline is highly positive đ.
4. While the U.S. stock market is showing a slightly different trajectory, Bitcoin is moving upwards alongside a 50bp rate cut from the Fed đž.
5. Recently, Bitcoin has been moving in tandem with Nasdaq, but for now, itâs essential to watch the channel retest đ.
The channel retest is expected around 64K, and Bitcoin is currently hovering around 62.2K đ.
6. If Bitcoin breaks above the channel, we could be looking at a move towards 74K again, although itâs still a bit far off đ.
7.As seen before (like the rally on the left side of the chart), Bitcoin tends to make sudden upward moves. Be prepared for rapid changes đ.
8. Missing this phase could mean losing out on significant profits, so keep this in mind! đĄ
Good luck to all crypto investors! đ
