Following Bitcoin’s brief tumble over the weekend took out a critical support level that had managed to hold for the week prior. The number one digital asset by market capitalization experienced a true flash crash after breaking the key 61.8% Fib. level ($53,600) on Dec 3rth.

A week after Black Friday a day of the year known for retail sales throughout American business’s we have another chance to get pricing discounts the likes of which may not be seen for the rest of 2021 and it’s in the crypto markets.

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We finally have enough data to look at detailed CME Bitcoin futures on a monthly timeframe. A clear cycle has emerged, possibly not on the scale of a super cycle but the current cycle at the very least. Luckily with spot market data going back as far as 2013, we can outline more waves in the cycle and even the current super cycle.

Black Friday lived up to its name, bringing darkness to the crypto sector. However, our line in the sand for Bitcoin either continuing to rally to our target of $75-$80,000 or correcting to $44,000 was held; therefore, the bullish scenario prevails.

Last March, Greyscale’s Bitcoin Trust held over 655,000 Bitcoins; they still are the largest institutional holders by far with just under 647,000 Bitcoin in their coffers. The recent launch of Bitcoin futures ETFs is slowly eroding their prowess as the big cheese of BTC.

Bitcoin is down substantially today, trading lower in BTC futures by just over 4% ($2,455). This is the second-largest daily decline this week. On Tuesday, BTC fell $4,000 and broke and closed beneath $60,000 for the first time in over two weeks.

Bitcoin continues to hold above $60,000 today marks the beginning of its third week above this key price level and the sixth week to close above it. As shown in our chart below this price point (horizontal blue line) was absolutely definitive resistance during the previous rally in Spring of this year as there was not a single weekly close above $60k.

Bitcoin hit a new record high today before trading down swiftly afterwards. BTC futures are trading at $64,545 as of 5 PM EST, after achieving a high just below $70,000 at $69,355. The fast-paced decline was not an unusual occurrence, Bitcoin and most markets do retrace after making new record highs.

Bitcoin futures made headway today towards our current target of $75k, gaining $5,120, or 8.34% in trading today. We now have the highest ever close on record for BTC futures. Ethereum also made a new all-time high today at around $4,700.

The total market cap of all cryptocurrencies combined reached a new apex of $2.7 billion on Thursday, but that did little to move BTC prices. As of 5 PM EST, BTC is trading slightly lower, down half a percent at $61,050.