BTC Rallies again
There is only one story in town today, as once again the focus is on BTC as it opens with a $1500 gap higher from Friday’s close of $8267.
Whilst there is historic evidence that such gaps are often filled by a trickle back down to the previous close, it is worth noting that the BTC market is acting as if it’s short. It seems there are many people looking to buy the dips, and no reason beyond Hope to expect one. At these levels long position-holders have sufficient equity to ride out any downward pressure, and are unlikely to succumb to the usual method of being forced to abandon their positions – the long squeeze – with so much potential upside remaining.