Bitcoin still holds the possibility of furthering current run-up before a correction

For hybrid traders like myself, technical aspects of a market are every bit as important as a fundamental development, just not in the same way. Fundamentals are the drivers that will persuade investors to act and shift market sentiment, and a market’s technical indicators help predict where that sentiment will ultimately take the price also where it may stall or pivot (reverse).

While the recent rally in Bitcoin is highly tied to the ETF hype surrounding the number 1 crypto as numerous financial heavyweights have entered the ring challenging the SEC which is undefeated in knocking down any spot ETF for Bitcoin in the United States. While I am not the person to ask if any of these spot ETFs will get approved or suffer a defeat like their predecessors. I can tell you that the technical aspects of the charts tell me Bitcoin is still being controlled by the bullish faction.

The bulls are still (barely) holding the reigns as told by the 14-day RSI at a level of 58, The MACD is basically neutral suggesting that a pivot to the downside is possible, or at least more sideways action. The most convincing case for the bulls is the major moving averages (50,100,200-day) all being below Bitcoin’s price. The moving average I am paying the most attention to is the 20-day exponential moving average which matched today’s lows. If BTC stays above this technical indicator it tells me that a further increase in price is likely.