Fundamentals and market mechanics are thrown out of the window when there is majorly positive news like yesterday’s. We saw TradeFi begin buying up BTC in anticipation of ETF approvals, which led to a ripping short-squeeze.
TLDR
- BTC exploded above $32k and $34.5k resistances after ETF approvals.
- BTC is now battling at $35k resistance but overbought on daily RSI.
- A pullback to $29k-$31k possible despite the bullish long-term outlook.
- Watch out for buying opportunities on dips before 2024 Bitcoin halving.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
Technical analysis
BTC began moving higher in yesterday’s session and squeezing into the horizontal resistance at $31,300. Of course, from there, the next resistance was at $32,000 before a relatively clear path to $34,500 would be possible.In anticipation of Bitcoin ETFs being approved, we saw a large amount of buying come in yesterday. This aided BTC to go higher and break above its $32,000 horizontal resistance, fuelling a short-squeeze, which took the price to the $35,000 area.
Bitcoin now finds itself battling at a main horizontal resistance at $34,500. This is the next level to close above, which could then help BTC move higher.
It’s important to note here that when prices go straight up, they usually come straight back down. Prices need to stabilise at certain levels and build those levels as future supports that could then help prices go higher from them. Straight-up moves usually aren’t sustainable, despite the fact it’s off of really positive news this time.
RSI and funding rates
When we look at the RSI, it's at 88. This is the most overbought Bitcoin has been since January 2023. The last time that it was this overbought was in December 2021. BTC is phenomenally overbought while pushing into a main horizontal resistance at $34,500.The funding rates are very positive again. However, open interest isn’t ridiculously high, particularly after yesterday’s large price increase saw many of the shorts’ open interest wiped out - liquidated. However, this is the most-positive the funding rates have been in months.
Conclusion on trading BTC
Bitcoin is very overbought here, but it has achieved these significantly higher prices due to the ETF news. It’s possible the buying pressure can be sustained, but with BTC this overbought, it becomes increasingly less attractive to buy at today’s prices. If we have a slight retest of a lower level, that’s where large buyers may step back in. This level may be in the $29,000 to $31,000 area.In the long run, today’s current BTC price is still low compared to what it may be in the upcoming bull run, which we believe peaks at some point in 2025 and a price point of $100,000 to $150,000.
We’re still very cautious about the macro in the coming months. Still, with time running out between now and the next Bitcoin halving (April 2024), increasing our exposure and using major price pullbacks as buying opportunities in the coming months is important.
Action
- If you’re a long-term investor, BTC is still a good buy at these prices and can achieve a 3-5x multiple between now and the bull-run peak.
- However, with BTC currently so overbought, it's very possible a pullback in price is needed. This area may be the $29,000 to $31,000 area.
100% Success Money Back Guarantee
If our approach doesn’t outperform the overall crypto market during your subscription, we’ll give you a full refund of your membership. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Take your next step towards crypto success
$799/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
What’s included in Pro:
Success Guarantee, if we don’t outperform the market, you get 100% back, no questions asked
24/7 access to experts with 50+ years’ experience
All of our top token picks for 2025
Our latest memecoins pick with 50X potential
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
How does the success guarantee work?
If our approach to the market doesn’t beat the overall crypto market during your subscription, we’ll give you a full refund of your membership fee. No questions asked. For quarterly and monthly subscribers this is applicable once your subscription runs for 6 consecutive months.
Recommended from Cryptonary
