Crypto Daily – This Summer has not been particularly fruitful for the price. Six months of long, grinding, sideways and downwards price action has made it difficult for investors to stay positive. However, a wind of change is blowing across markets. Upward price momentum is potentially on the way.
Spot Bitcoin ETFs were the catalyst for the all-time high
The Spot Bitcoin ETFs were a huge boost to the Bitcoin price, and there’s no denying it. This had the effect of putting the turbo chargers under the price of $BTC and pushed the price to its new all-time high at $73,800.
Many were expecting the price momentum to continue once it got there, given that the institutions appeared to be enamoured with an asset that was outperforming the market by miles.
What goes up must come down
However, it doesn’t matter which asset it is, it cannot just keep on going up in a straight line. Gravity beckons eventually, and this came in the form of technical macro indicators…
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