Bitcoin Moves Faster Than Expected Is It A Good Thing?
First let's start with the reason for the continuous pump - apparently it is due to BlackRock pushing with ishares spot ETF by "giving it ticker symbol and creating a mechanism to capitalize the fund".
The market has responded on the news of that! and the Bitcoin price is currently sitting at $34,400 but is this growth a good sign or a bad manipulation with imminent dump?
Lets have a look at the chart!
From what I see the price loos really strong and I am not sure if this is a good moment to place a short position even thought Bitcoin has reached up sloping resistance level (golden line)
Can Bitcoin retrace form here to $33,000 level to test the support? Sure it can but we can be at $40,000 next week depending how things with ETF develop! The pump is surely a good thing, people just can't wait for the proper bull run to begin and the whole market to be back at ATH! Also, this move reminds me of the actual bull run price moves back in 2020/21!
This is such a dangerous territory to be shorting Bitcoin and trading on high leverage!
All The Best,
Aventurine!
