16/12/24 Weekly outlook
2024-12-16
Category: None

Last weeks high: $106,649.88
Last weeks low: $94,177.33
Midpoint: $100,413.61

A new ATH for BTC last week as we saw $106K for the first time, truly amazing price action since the Trump election win.  NASDAQ:MSTR , IBIT and other massive institutions are continuing to buy with more companies having rumoured to add BTC to their balance sheet, demand is strong and does not seem to be going away as we go into the end of the quarter/year.

This week we have many different data releases from the UK, US & ECB. Naturally volatility is expected around these events, it also makes traders a little tentative to enter into trades, I would say this is more accurate during bear markets/ choppy conditions. Right now we're in a strong Bullrun and therefor the momentum is less news data driven and more a race for institutional buying, It's a given at this point that we're in a period of rate cuts and so that is factored into price.

Altcoins have seen a recent pullback despite BTC pushing higher, this is as a result of the BTC.D chart tanking when alts took the liquidity from BTC profits and so dominance did see a correction. This latest BTC move up while alts are down is just a continuation of BTC.D continuing its surge as it always does in the Bullrun before the true altseason where alts outpace BTC after a blow-off top. 

This week I'd like to see BTC come through data events unscathed with altcoins bouncing off the 4H 200EMAs and starting the next leg up going into year end. 

