Summary:
- The slow grind that the bitcoin market saw last week finally resulted in a breakout that caused the market to rally to $9,400.
- We are currently seeing a round of supply hitting the market, but the overall market structure is very bullish. There are a lot of analogues between our current market structure and our previous consolidating market structure of a couple of months ago.
- If demand fails to break through this overhanging support, we could potentially return to retest the $8,500 to $8,600 zone. If that level fails there will be a nice buying opportunity available in the $8,100s. The $8,100s is a band of weekly resistance that our market managed to break through and will likely spark some short closures combined with long interest.
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