Bitcoin Supercycle? w/ScottMelker
This week Bitcoin decisively broke out of its trading range between $38,000 to $40,000, rallying over 15% to briefly surpass $44,000. The surge comes as crypto sentiment improves and traditional financial markets also strengthen amid easing inflation data and interest rate hike projections.
While still far from its all-time high around $69,000 from November last year, Bitcoin has overcome significant technical resistance dating back to its June collapse below $30k. The psychologically-important $40k level also proved elusive for months until now. Sustaining above it lays the foundation to test higher toward the next barrier around $48k.
With positive momentum indicators like the Relative Strength Index rising alongside the price breakout, additional near-term upside appears likely. Bitcoin closed the week by reclaiming its 50-day moving average for the first time since August while altcoins also rallied strongly off their September lows.
Nonetheless, Bitcoin remains almost 65% below its peak - a reminder of just how devastating this year's so-called crypto winter has been. While the Macro environment improves and crypto adoption continues rising, BTC still faces multi-year resistance levels representing deep value sellers. Only a decisive move past $50k invalidates the long-grind bear thesis. Until then, brisk rallies can rapidly unwind.
Guest: Scott Melker | Host of The Wolf Of All Streets
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