Bitcoin (BTC)

$BTC seems to have formed another deviation here.

This is a sign of an upcoming rally which could send Bitcoin towards $70,000-$72,000. https://t.co/odFVJqyTBL

It has been a solid week for crypto

- Nearly $200 billion has been added to the crypto market cap.

- $BTC reclaimed $63,000.

- $ETH reclaimed $1,800 for the first time in 17 days.

- Bitcoin ETFs bought $221.72 million in BTC in a single day, the largest daily buy in 59 days

- $MSTR is back above $100.

- $STRC reclaimed $90.

$BTC | Weekly

We're at a point where the next weekly close will give us a much better idea of whether we've already bottomed or if one final leg lower is still ahead.

A weekly close above 63.3k would be a strong sign of strength. It would give us a Bullish Engulfing on the weekly and add another confluence supporting the early bottom scenario.

If the bottom is in, we need to hold the 60.6k-59.8k region on a revisit.

We've built liquidity there during this move up, and it's a level that's likely to get swept. If we reclaim it and hold after taking out the liquidity, it'll be another strong confirmation that the bottom is behind us.

If we fail to close the week above 63.3k, another leg lower over the next week or two remains the more likely outcome. Considering this move came mainly over the weekend and at the start of the month, a rejection here wouldn't be surprising.

If we secure the weekly close above 63.3k, the probability of an early bottom increases significantly. Any revisit into 60.6k-59.8k then becomes a key area that bulls need to defend.

As of now, we're seeing some rejection around 63.2k on the LTF, which is why I'm still holding the short but I'm not biased here.

There are solid confluences supporting both the bullish and the bearish scenario, and I'm positioned accordingly. I'm already 40% allocated in spot, which is enough if we front-run the lower bids. When we get proper bottom confirmation instead, I'll simply add higher and still end up with a solid average.