- Bitcoin makes another attempt to break above $4,000.
- The market needs to see Bitcoin correct above $4,200, a move that is likely to reignite a bull rally.
Bitcoin’s failure to resume the trend above $4,000 has exhausted the bulls who have resorted to selling in order to create more demand. Attempts to push BTC/USD to the critical level at $4,200 failed to yield during last weekend sessions. The key level at the moment is the range resistance at $4,000.
Brian Kelly, a renowned contributor to CNBC says that retail traders are currently exhausted following Cboe’s decision to pull the plug on Bitcoin futures.
“This tells me that retail traders are out of the picture, because these Cboe futures were one contract, so about $3,900, versus CME were five [contracts], so about $20,000. So I think retail is exhausted. You’re starting to see sellers being exhausted.
And institutions are coming in. Fidelity is a catalyst coming up in Q2. I think with all those things combined, we might look back and say, ‘You know what? In the $3,000s was a great place to buy Bitcoin.”
Meanwhile, Bitcoin buyers have increased their grip on the market by pulling the price above the range resistance as seen on the chart. The price is dancing at $3,991 and could soon retest $4,000. The market needs to see Bitcoin correct above $4,200, a move that is likely to reignite a bull rally. A number of cryptocurrency analysts like Tom Lee and investors like Novogratz believe that a bull rally is impending. In the short-term, we can expect Bitcoin to stay between $3,800 and $4,200.
BTC/USD 15-minutes chart
Share
