BTC Back in Favour
Bitcoin prices are no doubt high up on many traders’ watchlist on Monday. The leading crypto asset has recovered firmly over the last two weeks with prices now looking poised for a fresh break higher. The futures market has soared by almost 30% off the YTD lows, now retesting the underside of the broken bull channel. A recovery in risk sentiment linked to US/China trade optimism has been the key driver behind the push higher and should we hear any positive headlines this week, BTC prices look well placed to spring board higher.
ETF Demand Surging
The rally in BTC has been endorsed by a strong uptick in institutional demand. Indeed, last week saw BTC’s strongest weekly gain since Trump took office, accompanied by around $2.7 billion in ETF inflows. The surge in upside positioning was the largest since December and reflects an important shift in mainstream sentiment. If inflows jump again this week we could very quickly see BTC retesting YTD highs with many big players now calling for fresh YTD highs in coming weeks.
US Jobs Data
Looking ahead this week, the latest US jobs report will also be on watch. If we see further weakness in labour market data, this should bolster near-term Fed easing expectations, creating fresh support in risk markets, pushing BTC higher again.
Technical Views
BTC
Despite being currently stalled at the retest of the broken bull channel, the rally in BTC is holding above the $91,750 level and while above there focus is on a test of the $100k mark next. Momentum studies are bullish, adding further support, and fi we break $100k the $108,855 highs will be next target.
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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.