Tuesday wakes up to a generally red day for crypto. $BTC is flat, but most altcoins have taken some losses. Is this the start of a further dip, or is this just a pause before resuming bullish behaviour?
$BTC sideways price action
$BTC launched itself up from the previous ATH of $69,000 and is currently going sideways between $71,300 and $72,700. Could there be a quick dip back down to confirm $69,000 again? Of course, this would be a healthy move, and if the price held there, this would signify that this was a firm level of support.
However, with the amount of $BTC buying still happening, especially with the 9 Spot Bitcoin ETFs, further upside is on the cards, whether that happens after a small dip, or from the current price.
CPI data released today
One of the main factors that can have a bearing on the price is the release of the CPI data later on Tuesday. Both the S&P and the Nasdaq pulled back slightly yesterday in anticipation of these figures. Headline inflation is expected to rise 3.1% on an annual basis. Truflation puts the figure at 1.65%, which is a wide discrepancy with the US government’s data. Believe whichever you will, but if 3.1% is the figure released, or one very close to it, the crypto market could set off to the upside once again.
Rounded top for $BTC
Source: Coingecko/Trading View
Looking at the very short term chart for $BTC, a rounded top does not favour a move to the upside, and would generally result in a price dip. However, that said, the previous rounded top resulted in the sharp move to where $BTC is now, although there was a wick down first.
$BTC still respects the uptrend
Source: Coingecko/Trading View
Zooming a bit further out on the 4-hour chart, it can be observed that $BTC is respecting its uptrend, which has been in force since late February. Only a confirmed break below this would signify a change in this trend.
If $BTC does in fact come down to confirm the trend line, this would take the price back to $69,000. A big wick down could even take place, but as long as it was only a wick and price came back above the trend line, all would be fine for a bullish continuation for bitcoin.
Bitcoin's competition
All in all, this is probably a small pothole along bitcoin’s road to the top. Looking at the competition, there doesn’t seem to be anything worth shouting about. The banks are still in big trouble, with many of them kept alive by the Federal Reserve.
Gabor Gurbacs, strategy advisor to Tether and VanEck, has as his pinned post on his X/Twitter account the following:
Since 2000, regulators fined banks 7,400+ times totaling to fines of $380+ Billion, about 1/3rd of the total crypto market capitalization today. Either banking is criminal by definition or the rules are broken. The crypto space looks like a nunnery by contrast. pic.twitter.com/fKayIhtkxh
— Gabor Gurbacs (@gaborgurbacs) November 21, 2023
This is why bitcoin and crypto will win. The system is utterly corrupt and does not serve the common person. Get $BTC before the institutions take it all.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
