Bitcoin ready to move higher
Why I bought this week
Bitcoin touched $58.6k a few days ago and has successfully reclaimed $60k, increasing the odds of a weekly higher low formation. My portfolio bought Bitcoin and Ethereum during the recent capitulation this week. Buying at this strong support made sense to me, and it really felt like sentiment was the worst I've seen in a long time. That doesn’t mean we'll see a new all-time high anytime soon. Bitcoin is likely to continue trading within the $60k - $70k range for the duration of the summer. To really confirm the local bottom, I would like to see BTC trade back above $63.5k, which was the last daily high.
Today, VanEck filed for the first Solana exchange-traded fund (ETF) in the US. I'm curious if BlackRock will follow this lead. Solana has more volatility compared to Bitcoin, but they are pushing the tech and have a massive community behind it. Solana has outperformed Bitcoin as one of the few during this cycle. That's why I like having a solid position in Solana. Solana will likely continue this strength against Bitcoin and make big moves next year.
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