BTC Pushing Higher
The Bitcoin breakout continues to gather pace this week with the futures market pushing firmly higher on Monday. BTC is already up around 3% on the day, testing above the $120k level, a sharp rise from last week’s sub-$108k level. The rally comes as traders prepare for crypto legislation to be brought before the US House of Representatives this week. The bill, which is aimed at establishing a regulatory framework for digital assets, marks a major milestone for the crypto community and should be firmly bullish for BTC if it receives support from the House.
Congress to Debate Crypto Bill
Bullish crypto sentiment has been building steadily this year and over the last month in particular we’ve seen a strong uptick in institutional demand. BTC ETFs have surged to record net-inflows while high-profile purchases from the likes of Strategy and Meta-planet have added to the bullish atmosphere. Indeed, even he US president is showing his support for the crypto world with his Trump Media business last week filing paperwork for a new crypto ETF to launch later this year. Given the current backdrop, BTC looks poised to continue higher near-term though remains vulnerable to any negative risk headlines, meaning traders should remain wary of volatility risks around incoming news (Trump tariffs, Israel, Russia).
Technical Views
BTC
The rally in BTC has seen the market breaking out to fresh ATH this week, now testing the bull channel highs around the $122k mark. While some near-term correction remains feasible, the bullish outlook remains while price holds above the $108,855 level with the Fib 1:1 extension at $136,395 the next target for bulls.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.