The Bitcoin Revival

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The relative strength in Bitcoin over the past two months has been off the charts.

In a tough tape, I would’ve expected BTC to be the first to roll over and lead risk assets lower. 

But that didn’t happen. If anything, it held up better than ever. 

It’s the first time BTC has shown this kind of strength under any kind of selling pressure environment.

And now that the worst is behind us, Bitcoin is back into rally mode.

Today, price reclaimed the neckline from a major topping pattern, right around $90K.

That’s been the key level to watch for months.

What makes this zone even more important is that it coincides with the VWAP from the all-time highs. 

That’s a powerful resistance level as it reflects the average price paid by investors since BTC peaked.

Now, the average buyer is back in the green, and bulls are back in control of the tactical trend.

The ball is in their court. We still can’t say that for stocks.

And the fact that it ripped through this level with such fierceness can only be viewed as bullish—as long as today’s move holds.

Hope you liked this post!

Cheers,
Alfonso