Happy Friday all! It looks like the BTC bulls are stepping in and pulling back from all other market spaces. BTC seems to be on the move to the upside while the rest of the crypto space is in limbo.
BTC is now into the overbought territory on the 4-hr chart. At this point, it's probably not too relevant for anything since we're in a daily and lower uptrend.
The $7,500-7,600 level was very supportive and we saw the bulls reject from this level three separate times -- each time forming a higher low. The huge test now for the bulls will be whether or not they can break the $9,000 level to continue prices up to see new trend highs.
Weekly chart is forming inside bars, so I think there's a good case for action to trade inside that range. If that's the case, we could be looking at another week or two of sideways trading. I think this could be very plausible based on volumes and sentiment as indicated by the falling search interest shown below (12-month chart):
More info on sentiment to come, but for now, I think we will still be in an overall sideways pattern.
Hope you all have a great Friday and weekend ahead!
