#ETFvsBTC

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Last Week's Technical Analysis (Updated for May ting the price action up to today, May 12th, 2024.

Price Action in Focus

Last week began with BTC precariously perched around the $60,000 mark. We saw a surge towards $69,000 mid-week, fueled by positive news and increased institutional interest. However,

Scenario 1 - Short-Term Correction: The recent price drop could be a healthy correction within a larger uptrend. If the price finds support around the $57,000 level and rebounds, it might indicate a continuation of the uptrend.

Scenario 2 - Consolidation: The price might consolidate around the current levels for some time before making a decisive move up or down. This period of consolidation would be a good time for further technical analysis and reassessment of trading strategies.