Chart of the day

Where do we stand fundamentally?

Bitcoin is currently in an active bullish phase, trading above $72,000 as investors watch for a potential rally above its resistance levels. Analysts suggest that a breakthrough past $73,000 could push the price toward $79,000 or higher. However, Bitcoin has shown some consolidation within the $54,000 to $73,500 range, which may signal a period of retracement before any sustained upward trend. Traders remain cautious, with some expecting a possible pullback to around $60,000 if Bitcoin fails to maintain recent gains.

The increasing inflow into Bitcoin ETFs, which neared $22 billion recently, reflects growing institutional interest and has provided additional support for Bitcoin's price. Furthermore, the approval of options trading for BlackRock’s Bitcoin ETF is seen as another factor that could boost Bitcoin's adoption and price stability​.

Bitcoin is breaking above the long-term wedge consolidation and is extending higher in the long-term fifth wave for a possible target of 94500. We need confirmation of a breakout above 69000 for an upside continuation in the uptrend fifth Elliott Wave to 94500. Invalidation of this immediate upside extension could come upon a break below 67000.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is much lower at 58300 meaning we are in the strong bull uptrend. As said the continuation of an extension could lead to a 95000 target in the medium-term to long-term if the Bitcoin sustains a breakout above 69000.

_{Try a long trade entry with a stop loss below 67000 to target 77500 and higher.}