Bitcoin soars, nears $80K after posting largest weekly gain in its history

• BTC-USD
• ETH-USD
• ZEC-USD

Scott Melker discusses bitcoin‘s (BTC-USD) largest weekly dollar gain in the cryptocurrency’s history.

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Crypto roars back as Bitcoin posts its second best week since early 2021.

So that’s on a percentage basis, but if you look at the actual dollar gain, this was the largest weekly dollar gain in Bitcoin history.

It ended up gaining approximately 21% last week. At one point it was up 24, 25%.

Now, interestingly, Ether gained 30%. We have Zcash uh making almost all all-time highs and certainly cycle highs.

So we are seeing liquidity and money flowing into other places besides just Bitcoin.

Now, you know that the big story was the fact that we had about $3 billion in shorts liquidated, but you can no longer just say that this was a short liquidating rally.

Right? We know that that was the spark was maybe the fuel to the fire. I told you about the fact that Beston provided the spark, then leverage provided the gasoline for the fire, then the White House came over the top, but that only got us to 7071.

The fact that Bitcoin started pushing towards 80, not just because shorts were being liquidated. That was not a leverage squeeze at all.

And what we can now see that was a big part of that is the fact that Bitcoin ETFs see biggest weekly inflow in 10 months during rally.

Bitcoin ETFs attracted 1.9 billion dollars, 1.92 to be exact, billion dollars in the week.

Ether ETFs added another 697 billion dollars. That is a very large number.

I had Alex Thorn from Galaxy on Macro Monday this morning on YouTube and he pointed out the fast fact that this was effectively the most volume that we’ve seen on Bitcoin ETFs since the all-time high for Bitcoin in price and for ETFs all the way back in October.

So that cannot be ignored.

People buying ETFs is not a part of a short squeeze. It is general belief that the bottom is likely in and this is the time to re-enter the asset class.

Now, as you know, Matt Hogan on my show last Friday said that he thinks that the people coming in right now are long-term buyers looking to capitalize on an entire next cycle with Bitcoin going into the six figures and beyond.

I tend to agree with them because it fits my bias exceptionally well.

I do believe that we are likely here near a bottom. All the signals I’ve been telling you about for months were there and now we’ve passed some fundamental levels that I think are important.

That said, for the technical analysts out there for the charters, Bitcoin needs to get above around 82,800 and hold there to make a new higher high and abolish the bearish market structure that still exists.

This was a huge week for Bitcoin. Now people hoping that we can see some follow-through.

I would imagine personally, if I had a gun to my head, which I don’t, so I don’t need to care, that we will see some sort of retracement to some degree, let RSI cool off, let the chart cool off a bit, maybe go back and test test the low 70s, high 60s, get people thinking we’re in a bare market again, and then gain fuel for that next rally to truly break out and start the next bull market.

I am absolutely loving it. It’s nice not to be trading sideways at 64,000 indefinitely.

It seems that Bitcoin finally produced the perfect bottom signal, which was everyone stopped caring.

Source: finance.yahoo.com