Our Bitcoin Greed & Fear Index Turns Bullish, This Is Our Favorite Trade

👇1-10) Event risk is high this week, with $800m of PYTH (-38% last 30 days) supply becoming unlocked (May 20) and another $340m from AVAX (May 21). NVIDIA’s Q1 2024 earnings report will be released on May 22, and the final deadline for VanEck’s spot ETF application is May 23. According to betting markets, there is only a 7% chance for an ETF approval. Bitcoin is expected to move up or down by +/-4% by the end of this week.

👇2-10) Bitcoin’s price action has significantly improved since last week. Prices have rebounded towards their late April resistance zone (67,500), surpassing the early May highs (64,000). A breakthrough above 67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts (refer to the report from Saturday).

👇3-10) Our 68,300 ‘line-in-the-sand’ is back in focus, as a move above could technically set off a strong rally. Bitcoin trades bullish, with 67,500 being the next breakthrough level. Selling pressure has been held back, and Treasury Secretary Yellen, Fed Chair Powell, and Blackrock strongly intervened verbally. However, the market structure and fundamentals remain challenging.

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