Key Insights:
- BTC’s dealer gamma profile indicates a likely consolidation phase.
- Ethereum (ETH) is facing an expanding triangle pattern.
- Solana (SOL) has seen a solid bullish breakout recently.
- XRP’s longer-term indicators are showing bullish signs.
Market Observations
Bitcoin recently surged above $123,000, fueled by favorable market conditions. Recent trends suggest it could stabilize between $120,000 and $130,000 for the foreseeable future due to market make dynamics.
The options market exhibits a pattern where market makers are long gamma at specific price points. This situation likely leads to buying low and selling high within the established range, effectively mitigating price volatility. Recent analysis indicated potential support and resistance levels that could affect Bitcoin’s price trajectory.
“There’s every reason to be incredibly bullish here as we face a ‘Goldilocks’ moment for bitcoin: a pro-crypto U.S. President calling for ultra-low interest rates against the backdrop of fiscal splurge and stock market highs.”
Translation: The current political and economic climate favors the growth of Bitcoin as an asset.
Additional Observations Lineup
- Resistance: $130,000, $140,000, $146,000.
- Support: $118,800, $116,650, $112,000.
