A Very Volatile Week Ahead For Bitcoin (BTC), According To Top Trader Lark Davis

In the latest video, the prominent trader Lark Davis unveils that this week appears to be a very volatile week for Bitcoin (BTC), especially when Grayscale’s $550 Million GBTC is unlocked.

At the start of the video, Lark Davis conducts price analysis on BTC. According to the trader, after a very passive week, the entire crypto space has initiated a decent recovery.

“The weekly chart of Bitcoin price displays the extensive tendency to remain above the 50-day MA from 8 weeks. Moreover, the current consolidation is mirroring the previous years November one’s where-in the BTC price was struggling to surpass $10,000 levels”.

He adds:

“When looking at the lower timeframes, I see a failure on the bears to take the price lower, again and again”.

Moreover, the RSI levels in the daily chart formed constant lower highs since the end of February 2021.

“The RSI is testing the trend line and with a successful breakout, the levels could surge towards the north, increasing the value of BTC price”, the trader highlights.

The trader says that as the institutional investors who staked their Bitcoin with Grayscale, would receive their GBTC shares on Sunday 18th July, this could impact the BTC price irrespective of the fact that the spot BTC are not entering the market.

Another factor indicating an uptrend is that the miners started accumulating BTC again. Additionally, Negative Stock-To-Flow deflection reached the highest it’s ever been in the whole Bitcoin history.

“With the indication, it signifies an immense buying option and hence many strong hands could utilize the opportunity. This is a great buying opportunity if you’re a believer in this model”.

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