Bitcoin Approaches The ATH
Bitcoin Approaches The ATH
Bitcoin rises above $56,000 as $157 Million in shorts are liquidated
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
Are you new to Foot Guns? Learn how to read the cheat sheet here.
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
Binance Labs invests in Bitcoin staking protocol Babylon (The Block)
New bitcoin ETFs surpass 300,000 BTC holdings in under two months (The Block)
Solana outage raises questions about client diversity and beta status (CoinTelegraph)
US senators oppose Joe Biden’s CBDC plans (CoinTelegraph)
Ether Demand Is Driven by U.S. Investors, Data Shows (CoinDesk)
Bitcoin Funding Rates Jump to 100%, Sparking Opportunity for Savvy Traders (CoinDesk)
EigenLayer’s $100M haul ignites series of adjacent investments (Blockworks)
MicroStrategy’s X account compromised, $440k stolen: ZachXBT (Blockworks)
Earn Alliance Is Getting Players Into Crypto Games—And Giving Them Tokens, Too (Decrypt)
Bitcoin maxi Greg Foss apologizes for bipolar tirade against Ordinals community (Protos)
Worldcoin’s 230% surge draws droves to eye-scanning orbs — ‘It’s free money’ (DLNews)
BTC Outlook
After breaking through the resistance that had formed at $52k, BTC is now trading at $57,000 - around 17% below it’s all time high. It is likely this is from the continued momentum brought into the market by the successful launch of Bitcoin ETFs. It was predicted that the ETF lowered the barrier to entry for many participants who had previously wanted to own Bitcoin but had no facility that allowed them to take a position.
With the price soaring through old resistance levels in the $40ks and now $50ks it appears highly probable that the next resistance will be at or near the old all time high (about $69k). After spending nearly two years in a bear market consolidation one would expect Bitcoin to spend time consolidating near the old ATH and maybe eventually cooling off and retesting the $50ks going into the summer.
Join us in discord where we will actively be following Bitcoin’s price action as well as other markets including equities, altcoins, and commodities.
Possible Course of Action
DCA into spot long over Q1 in anticipation of Halving (2024 summer)
Long near 50 day MA or 200 day MA
Short or sell near old ATH expecting it to act as resistance
The Bulls’ Defense:
Price still trading above 50 day and 200 day MA
$52k resistance broken with strong upside momentum
The Bears’ Prosecution:
Old ATH is expected to act as mid-term resistance
Want more from Foot Guns? Join our Discord where we have live conversations about the market.