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$BTC Greetings everyone for the new week, friends. Today has been my busiest day at the university as an academic, but I managed to make it here. Yesterday, Bitcoin didn't perform too badly in its weekly uptrend. Currently, in the short term, we have a resistance line coming from a recent low point and another from a peak, as seen on the #BTC chart. For now, it's crucial for us to maintain sustainability above 64,200. If we fail to break through each resistance, we'll likely test the dashed line coming from above. To ease our concerns, we need to surpass the resistance line from below. Wishing you all plenty of profits! 🌸 #altcoins #CryptoWatchMay2024

$BTC Greetings everyone for the new week, friends. Today has been my busiest day at the university as an academic, but I managed to make it here. Yesterday, Bitcoin didn't perform too badly in its weekly uptrend. Currently, in the short term, we have a resistance line coming from a recent low point and another from a peak, as seen on the #BTC chart. For now, it's crucial for us to maintain sustainability above 64,200. If we fail to break through each resistance, we'll likely test the dashed line coming from above. To ease our concerns, we need to surpass the resistance line from below. Wishing you all plenty of profits! 🌸

#altcoins #CryptoWatchMay2024

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$BTC During the previous halving event, Bitcoin remained nearly flat for almost three months. We typically observe such low-volume and sideways movements after each halving period and during the summer months anyway. Yesterday I mentioned that Coinbase started to provide support, and usually, Coinbase sets the trend for us, and they didn't mislead us this time either.Looking at it now, I can say that both Binance and Coinbase have strong spot purchases. When the recent purchases of our whales, who have been selling for a while, are added to the mix, I think this uptrend could be healthy. #BTC Overall, the spot side is shaping up as desired, and unless something unexpected happens, the current outlook remains positive. From a technical standpoint, on the 4-hour chart, we had a downtrend with its peak nearing 73K, which was broken and retested. At the same time, a new uptrend started around 56-60. It's still early to call it a trend as the touches are recent, but it's at least an indicator we can follow. In case of a potential pullback, the trend support aligns around the average of 61,900-62,000 levels. There are no visible problems on the technical side as well. #altcoins Due to their inverse correlation, there was a one-month rising trend in USDT dominance which was broken, and later it retested the uptrend and fell. In this regard, a retracement of up to 4.77% in Binance Coin could be expected, and during this time, a rise in Bitcoin could occur due to their inverse correlation. A break of 4.77% could open the door to favorable opportunities. According to SoSoValue, there was a total net outflow of $11.29 million in Bitcoin ETFs on May 9th. In the Grayscale ETF (#GBTC), there was a single-day net outflow of $43.35 million, while in the BlackRock ETF (#IBIT), there was a single-day net inflow of $14.19 million. #ETFvsBTC
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