Crypto had a good week, as bitcoin gained 15% and once broke the $40k.
Bitcoin touching $40k again after 6 weeks brings hope to traders that the bull market will continue. But is it enough?
Since May, bitcoin has entered a consolidation period after dropping 50% due to the China FUD and tighter restrictions from several countries.
Traders’ hope was getting weaker every day and the famous Stock-to-flow model that predicted BTC touching 100k by the end of 2021 was questioned by many traders.
Bitcoin has had green flags since last week.
Bitcoin hit $32,000 last week after the chat between SpaceX and Tesla CEO Elon Musk, Square and Twitter CEO Jack Dorsey, and Ark Invest CEO Cathie Wood.
Musk shared some fresh updates of SpaceX’s crypto holding. In the bag BTC, ETH, and Dogecoin.
Tesla may soon accept BTC, again
On Monday, Bitcoin rose as far as 14% within 3 hours after the rumor that Amazon is planning to accept Bitcoin payments.
Major altcoins also rose with bitcoin, with ETH hitting a three-week high of $2,344.
However, Amazon later denied the speculation, saying Amazon is interested in the crypto industry but isn’t planning on adopting it yet:
“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”
Bitcoin drops 5% to trade at $36k after the statement and the crypto market sees a sea of red.
While many traders consider the recent gain as a sign of bullish momentum, indicators show that institutional investors are cashing out their money.
According to a report by CoinShares, institutional investors have been exiting crypto products in the past three weeks.
With trade volume remaining low and traders staying cautious, Bitcoin could struggle between $28,000-$43,000 for some time before finally making a move.
Bitcoin dropping below $28,000 or breaking $43,000 would provide good opportunities to trade.
What strategies to adopt?
While waiting for the bull run, there are several strategies we could take.
Take advantage of ups and downs
Futures trading enables traders to profit off the ups and downs of the market.
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