Crypto Markets Analysis: While bullish and bearish narratives collide, how much $BTC is being held on exchanges may provide the most telling clues on how confident investors are a price rise will continue. GWilliamsJr_CMT reports
Bitcoin breaching $30,000 for the first time in 10 months answers questions about its resiliency while broaching new questions about its ability to hold its price at higher levels.
Hourly volume implies conviction behind the move higher as it has largely surpassed its 20-day moving average. Daily volume appears poised to do the same. A bullish narrative is the Federal Open Market Committee will slow interest rate cuts later this year. But there appears to be a bearish divergence between bitcoin's price and its momentum, particularly if measuring since January. BTC has risen 45% since Jan. 14, but its 14-day Relative Strength Index has fallen 19%.Given the contradiction of narratives, traders may ultimately turn to what is happening with BTC balances on exchanges.
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