Bitcoin on track for a reversal
One key level to watch
Bitcoin still hasn't shown a clear change in trend. For me to become more optimistic, it needs a daily close above $58.5k. While BTC has tried to breach this level a few times, it has been rejected each time, which is bearish in the short term. However, it's getting closer today. If BTC breaks $58.5k, $60k could follow quickly, potentially triggering a short squeeze due to increased leverage betting on a decline.
Recently, the German government sold all 50,179 BTC ($3.3B), putting pressure on the market. On the positive side, BTC ETFs have seen good inflows, which is helping to absorb the selling.
Currently, interest in crypto is very low as stocks continue to hit all-time highs, drawing money and speculation away from Bitcoin. Despite my focus on Bitcoin, my portfolio is 86% stocks, allowing it to stay green in recent weeks. There will come a time when money flows back into crypto, but historically this tends to happen after the summer months. My advice: enjoy your summer and let time work its magic!
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Written by Timothy Assi, a popular investor on eToro. Follow & copy my portfolio:
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