More than $1 trillion has been added to the stock, metallurgical, and cryptocurrency markets.
Main reasons: 1. Reports say the White House has approved ethical rules for the Crypto Transparency Act. 2. Hopes for negotiations between the United States and Iran. 3. Falling oil prices, which is favorable for the markets. 4. Large companies are recovering ahead of the earnings report releases; investors are betting on strong results this week.
Bitcoin has just shown the highest weekly close in 5 weeks.
BTC closed above the 200-week moving average support level for the third week in a row, demonstrating strength even as the Nasdaq 100 fell by more than -4%. Key levels to watch:
Resistance: $67,000 and $83,000. Support: $58,000 and $49,000.
What the chart shows: - The MACD has turned bullish. - The bullish RSI divergence is still valid. - The Stochastic RSI is showing positive momentum.
A three-week-old bullish engulfing candle is still holding. It appeared three times in this cycle, each time accompanied by a strong rally.
Two possible outcomes: - If BTC holds above $58,000, it could break through the $67,000 level and then the $83,000 level. - If BTC closes below $58,000 on the weekly chart, the next support will be around $49,000.
In 2012, 1 BTC could be bought for $10. In 2015 — for $300. In 2018 — for $6,700. In 2021 — for $31,400. In 2024 — for $50,000. And today — for $64,000.
People called Bitcoin expensive at each of these prices. The same thing they will say at a price of $200,000, $300,000, and $500,000.