Finally, we have an appreciable green candle, with bitcoin (BTC) ripping to $21k in just a few short days. Before we get too excited, let’s make sure we ground ourselves to make sure we don’t fall victim to FOMO and take the next steps with our eyes open.
For this analysis, we will make use of a brand new dashboard launched for Glassnode Advanced just moments before today’s video. You have all seen this before, but now the beast is live.
What we are looking for here is whether we have a sustainable and robust trend shift underway. Based on the power of this rally, it certainly feels like we have a good shot at slaying the bear.
The key level I’d be watching is that we hold the $19.5k region. Falling back below the 200-day moving average (MA) and the Realized Price would not make me a happy analyst.
However, if we can get some constructive momentum, and our suite of signals starts to fire off, it may just turn the tides for the better. It’s possible that we have left the bottom tick of this bear behind us, and greener pastures lie ahead.
However, keep your wits about you, bears do not go down easy. There remain plenty of macro and geopolitical risks and headwinds that will seek to slow Bitcoin down. Strap in, it will be a volatile ride from here, but hopefully volatile with a side of upside.