Bitcoin surged to $34,000 as attention shifted to its price performance against macro assets. BTC/USD maintained its early-week gains and exhibited minimal volatility as the weekly and monthly closes approached. Popular trader Daan Crypto Trades predicted that Bitcoin would continue to trade within the range of $33,000 to $35,000, with potential quick trades at these levels. Open interest levels had also recovered, suggesting a possible βsqueezeβ in BTC price. On the bright side, Bitcoin had outperformed the S&P 500 since September, indicating the potential for continued upside. Other analysts noted the significance of recent resistance levels potentially flipping to weekly and monthly support. However, bears were running out of options, and the upcoming weekly and monthly closes would be crucial.
In a separate news, former FTX CEO Sam βSBFβ Bankman-Fried denied defrauding FTX customers and expressed his lack of knowledge about digital assets when launching Alameda Research. Bankman-Fried faced allegations of directing efforts resulting in the use of FTX customer funds without their knowledge. He claimed that Alameda was a market maker for FTX and that erroneous liquidation of their account would have catastrophic consequences. Bankman-Fried’s testimony is still subject to cross-examination by the U.S. government, and the trial is expected to conclude within a few business days. Bankman-Fried is also scheduled to face additional charges in a second trial in March 2024.