Bitcoin’s Daring Dance: Will It Soar or Sink? 💃🕺

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As the world engages in its usual melodrama, with conflicts flaring and the economy performing a rather lackluster waltz, our dear Bitcoin remains blissfully unperturbed, gliding sideways like a well-trained dancer, comfortably perched above the illustrious $100,000 mark. One must ponder, what’s next for our digital darling? A graceful pirouette into a bear market, or merely a charming intermission before the next grand performance? 🎭

US Stock Market: The Post-Holiday Spectacle

With the US stock market taking a leisurely day off for Juneteenth National Independence Day, one can only imagine the suspense in the air! How will the market respond to the latest soap opera unfolding between Israel and Iran, not to mention the Federal Reserve’s latest musings from their FOMC meeting? Grab your popcorn, darlings! 🍿

The weekly chart for the S&P 500 is nothing short of a theatrical masterpiece, showcasing a spectacular v-shaped recovery after the Trump tariffs debacle. However, as it flirts with the formidable 6,000 point resistance level, one can’t help but wonder if this recovery is running out of steam. The curtain rises soon, and we shall see what the trading day has in store! 🎭

Chopsolidation: A Higher Range on the Horizon?

In the short-term drama of $BTC, it appears our hero has just breached the $106,000 resistance. If it can also break through the descending trendline, the bulls may just have their moment to shine, lifting the price above the last swing high at $109,000. 🐂

Now, let’s not get ahead of ourselves; this doesn’t guarantee a return to the all-time high. Rather, it suggests that our ‘chopsolidation’ may continue until the geopolitical stage or economic conditions improve, or until the ever-elusive global liquidity decides to sprinkle some fairy dust on the markets once more. ✨

Weekly Momentum Indicator: A Bullish Turn?

As we zoom out to the weekly time frame, the sideways price action appears to be building upon the price structure established from late 2024 into January 2025. Meanwhile, the Stochastic RSI at the bottom of the chart is teasing us with the prospect of a bullish turnaround, as the fast (blue) indicator prepares to rise again. 📈

This is crucial for our bullish aspirations! If, by the end of Sunday, this indicator is still strutting its stuff upwards, and even better, if it manages to cross above the slow (orange) indicator line, we could see a delightful influx of positive price momentum into Bitcoin, potentially propelling it past the $112,000 high and into the thrilling realm of price discovery. 🎉

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2025-06-20 17:13