Hey guys.
📌As usual doing a bitcoin review at the beginning of the week.
Last time the price was trading in the 98-99K zone and I made a forecast for market buyback and that the price will return above 100K and go above 105K for stop liquidity. As we can see this scenario has already been partially realized, the quote has returned above the psychological level and buying has returned to the market.
Let's briefly run through the market metrics.
✅ Open interest in derivatives has fully recovered and renewed High - a bullish sign.
✅ Onchain - outflow from exchanges continues, reserves on exchanges are declining, reserves
✅ USDT - accumulation phase, bullish sign.
✅ ETFs - market pumping continues here and netflow amounted to 2.17 billion last week.
💬 Under current conditions, I expect the price to continue its upward movement this week. The immediate target where I expect price to range is 106-110K, and more distant potentially 115-120K canceling this scenario a price move below 94K. Whether this move will be accomplished this week or next week is impossible to say, but there are certain important events this week that may affect the market.
Macro data of the US economy
18.12- FED interest rate decision, with 90% probability it will be lowered.
19.12- Q3 GDP.
Another important event is the quarterly derivatives expiration on 20.12.
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