Weekly Market Report: Bitcoin
Weekly and daily technicals remain bullish despite yesterday’s retracement but speculative move at risk of being undone.
BITCOIN: Cryptocurrencies notably higher this morning after yesterday’s plummet
Another week, another massive surge in Bitcoin’s price, though this time around was met with retracement. Correlations remain somewhat broken between BTC and the rest and looks to stay that way as the leading cryptocurrency by market capitalization retains its majority. Interestingly enough, institutional bias hasn’t changed much, with an additional 493 lots of longs and 695 lots of shorts keeping the bias stuck at a majority short 57%. Retail bias remains extreme long and inched slightly higher to 78%, as crypto community traders continue to HODL (hold on for dear life). With both weekly and daily technical indicators bullish, retracement remains a possibility, and reversal and breakout strategies ideally outperform fading strategies that are prone to being stopped out in times of increased volatility.
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