Bitcoin rose more than 10% during the week and reached levels not seen since the first half of April.
Market capitalization increased by almost 200 billion, with trading volumes more than doubling. At the same time, the Bitcoin dominance index increased by almost 2%. The last fact indicates that alts are greatly underestimated.
External factors turned out to be favorable for Bitcoin (the fall of the dollar index and the growth of the stock market), and most importantly, mathematics, which always works in the medium term. It turned out that all this time, while Bitcoin was hanging around 60K and even falling below, it was actively bought. And over the last week, ETFs alone bought almost 6 times more Bitcoin than miners mined during the same period. But what next?
Bitcoin came out of the small range of 60,000-65,000, into which it fell at the end of April. But it still remains in the large range 56600-73777, in which it has been since the end of February.
Now Bitcoin has hit the resistance area of 67500-68200. A consolidation above 68200 will pave the way for an early ATH update.
If, as a result of some force majeure, we go below 63K, this will postpone the ATH update for some time. But it will not change plans for 2024 for Bitcoin and the market as a whole.
Bitcoin is most likely to move in a range with a lower boundary of 65000-64500 and an upper boundary of 67500-68200
This is the priority option for the weekend, and the most likely option for the beginning of the week.
An alternative option is to consolidate above 68200 in the next few days.
Of the negative points.
I don't like the combination of US indices at highs and the rise in 10-year bond yields that has been going on since May 16th.
But if there is a drain on the fund and Bitcoin on this wave again goes to the lower limit of a large range, this will only be an opportunity for those who think quickly and act according to plan.
