This week is like no other — BTC has broken its all-time high! Congrats, HODLers. This usually signals the start of the FOMO cycle, where optimism and extreme greed kick in. How long will this bullish impulse last? Let’s find out together.
7 Days Heatmap
The crypto heatmap is still screaming bullish for the third week in a row.
BTC and ETH weren’t the best performers, as altcoins shined this past week — confirming the start of altcoin season.
BTC Analysis
As mentioned in our last market outlook, BTC rejected the lower bound of the rising orange channel and the $100,500 structure, surging by almost 10% and breaking its all-time high!
As long as the rising channel and the $104,000 support hold, the overall sentiment will remain bullish.
Meanwhile, as BTC retests the lower bound of the rising channel and the $107,000 mark, we’ll be looking for short-term trend-following longs.
ETH Analysis
As per our last ETH update, it rejected the $2,400 support level and has been pushing higher since.
Currently, it’s retesting the structure and previous major high at $2,737. For the bulls to remain in control, a confirmed break above $2,737 is needed.
Meanwhile, as ETH retests the $2,400–$2,500 support zone, we’ll be looking for new longs on lower timeframes.
Quote of the week
I believe in analysis and not forecasting.
~ Nicolas Darvas
Closing Remarks
In summary, Bitcoin has broken its all-time high, marking the beginning of a potential FOMO-driven bullish cycle. While BTC and ETH showed strength, altcoins led the charge, signaling the start of altcoin season.
BTC surged after rebounding from key support at $100,500 and remains bullish above the $104,000 level.
ETH also bounced from $2,400 and is now testing major resistance at $2,737.
