Bitcoin prices rose over 6% on Tuesday and held gains early on Wednesday on hopes that there’s going to be fresh demand for bitcoin in the coming weeks. The trigger for bitcoin’s surge was the fact that the US court overturned the US Securities & Exchange Commissions decision to block a proposal to turn the Grayscale investment Trust into a spot bitcoin ETF.
The hopes now, on this decision, is that this decision opens the way for those who want to start the first US spot bitcoin ETF. This will further validate the presence of bitcoin in the financial sphere and the extra interest should also boost bitcoin prices. However, bitcoin prices are still much lower than the Covid era prices above $65,000.
In the near term notice, as we come into the end of the month, that Bitcoin has a bias for buying around month-end from the day before, and the day, after the turn of the month. Around this time Bitcoin has gained on average 1.17% and has seen an over 60% winning percentage. So does this make bitcoin a suitable intraday buy opportunity on the latest news and this seasonal buy bias?
Major Trade Risks:
The major trade risk will come from any other unexpected Bitcoin news or a very high US PCE print on Thursday.
Remember don’t just trade it, Seasonax it!