Yesterday, I posted a few charts and trends I was watching now that the spot ETF approvals are finally in the rearview.
Earlier today, the initial excitement after the market open sparked a pretty nice rally in BTC, and even bigger gains across a bunch of non-BTC names ($WIF holders certainly aren’t complaining).
BTC’s price has since reverted a bit, but it did breach a key level we’ve been watching for, briefly breaking above its 61.8% retracement level (~$48.5K).
The question now is will this week’s momentum be strong enough to keep driving prices higher, or have we reached the logical point for some short-term consolidation?
As a reminder, our liquidity outlook continues to signal a favorable trend, so I’d welcome any near term pullback as an opportunity.
We also expect the drawdown in the RRP to continue, and is something we’ll be monitoring closely over the coming weeks.
For more detail on the RRP and how it impacts liquidity conditions, see our Markets Year Ahead report covering this topic in more depth. We’ll also be discussing these trends and plenty more in next week’s Markets webinar for Delphi Pro members.
