The past week $BTC has been jojo-ing between 60k and 63.5k. I am less bearish for bitcoin than a week ago, but still prudent. I may start buying moderate volumes again if I see some upward movement when the US markets open. Sentiments on traditional global marlets are expected to be rather flat this week. good luck to you all. Happy trading!
Raoul Pal spoke out and focused mainly on Bitcoin $BTC Ether $ETH and Solana $SOL when giving us his view on the movement of these cryptos this summer and further into 2025.
Pal identified a banana zone pattern in the charts of both Sol and BTC, which he interprets as a bullish flag formation.
Pal believes that Solana will accelerate its outperformance against both BTC and ETH.
Pal warns investors against using excessive leverage, forecasting a few significant corrections during the euphoria.
His advice to investors is to maintain a balanced approach above all and not to jump into every meme hype.
$BTC bulls have been pulling back since April 19th.
A recent Bloomberg News article suggests that optimistic Bitcoin traders are dialing back their bets on the leading cryptocurrency as two significant driving forces – robust inflows into U.S. spot Bitcoin ETFs and the hype surrounding the Bitcoin halving event – lose steam.
As reported by Bloomberg, the Bitcoin funding rate, which represents the premium traders pay to open new long positions in the perpetual futures market, dipped into negative territory on April 19, marking the first such occurrence since October 2023. This shift implies a cooling of demand for Bitcoin following a period of all-time highs propelled by the launch of ten US-listed spot Bitcoin ETFs on January 11.