$BTC has one number Galaxy is watching closely: 76,540 🎯
Galaxy Research head Alex Thorn argues that Bitcoin's bear market already ended in June, when price bottomed near 58,000. His thesis rests on the recovery since then holding up.
The key line: 76,540. Thorn says a move below that level would challenge the view that the bottom is in.
Where price sits now: about 81,000, up roughly 1% on the day after briefly slipping under 80,000.
So the map looks like this:
• Above 85,000: the recovery thesis gets stronger
• 80,000 to 85,000: the current range, and where most of the chop has been
• Below 76,540: the bull case is in trouble
With the Fed decision and big tech earnings landing this week, this range could get tested from both sides.
Is the bottom really in for $BTC or is June going to be retested? 👇
#Bitcoin #MarketUpdate #CryptoNews
Galaxy Research head Alex Thorn argues that Bitcoin's bear market already ended in June, when price bottomed near 58,000. His thesis rests on the recovery since then holding up.
The key line: 76,540. Thorn says a move below that level would challenge the view that the bottom is in.
Where price sits now: about 81,000, up roughly 1% on the day after briefly slipping under 80,000.
So the map looks like this:
• Above 85,000: the recovery thesis gets stronger
• 80,000 to 85,000: the current range, and where most of the chop has been
• Below 76,540: the bull case is in trouble
With the Fed decision and big tech earnings landing this week, this range could get tested from both sides.
Is the bottom really in for $BTC or is June going to be retested? 👇
#Bitcoin #MarketUpdate #CryptoNews