Bitcoin (BTC) has been on a strong uptrend, reaching $38,000 after struggling below $30,000 for most of the year. Interestingly, this rally coincides with a bearish prediction from Jim Cramer, a famous TV host and financial analyst.
Cramer is known for his bold market calls, but sometimes they backfire. In fact, some traders joke about “Cramer’s curse”, a phenomenon where the market moves in the opposite direction of his forecasts. There is even a rumor of a fund that trades against Cramer’s advice, though this is probably not true.
In any case, Bitcoin seems to have defied Cramer’s expectations, as it has surged by 37% since he expressed his pessimism about the cryptocurrency. While this correlation may be coincidental, it adds some intrigue to the market dynamics.
Bitcoin (BTC) technical analysis
Looking at the chart, Bitcoin shows a clear bullish trend. The price has been making higher highs and higher lows, a classic sign of upward momentum. The recent rally has broken the psychological resistance of $35,000, and the current price is above $37,000.
Volume is an important factor to confirm the strength of a price movement. For Bitcoin, the volume has been high during the rally, indicating strong buyer interest and confidence. Moreover, the MACD is in the bullish zone, and the RSI has been staying in levels that suggest sustained buying pressure without entering the overbought territory.
Another technical aspect to note is the price action relative to the moving averages. Bitcoin’s price is comfortably above both the 50-day and 100-day moving averages, which act as support levels in a bullish market. This alignment further reinforces the positive outlook for Bitcoin in the short to medium term.
What’s driving Bitcoin’s rally?
There are several factors that could be contributing to Bitcoin’s rally. One of them is the anticipation of the approval of the first Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC). According to many reports, there are 12 Bitcoin ETF applications pending review by the SEC, and some of them could be approved in the next few weeks/months. One of the applicants is BlackRock, the world’s largest investment firm, which could have a significant impact on the market if approved.