Bitcoin has erased its post-ETF losses, with prices hitting 48,000.
The greatest percentage of cryptocurrencies made new highs since the short-term market top in December last year.
Bitcoin spot ETFs have surpassed 200,000 BTC in AUM within their first month of trading.
FEATURED CHART
Here is a daily price chart of Bitcoin making 52-week closing highs. A number of data points pointed to a reset in the consensus bullish positioning and sentiment that had become dominant over the recent months. Now, it appears the 40,000s have become a new floor in this bull market.
WHAT TO LOOK OUT FOR
We want to see Bitcoin hold 46,000 on the upside, but should we see mean reversion manifest from this recent move, we’d anticipate the 40,000s to provide support on the downside.
We’re closely monitoring Bitcoin dominance. As it stands, Bitcoin is where the leadership lies in the asset class.
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