Bitcoin Surges But Analysts Remain Cautious

Bitcoin is having its best week ever, according to Milk Road's latest newsletter. However, analysts are not popping champagne just yet.

The number one thing John is watching closely right now is $82,000, which is the bull market support band that separates an uptrend from potential trouble.

John's two key retrace levels if things cool off are $74,000 and then $71,500. These are the prices where he'd start getting more interested in Bitcoin.

The reason John is cautious is because of some sell pressure in the market. The Kingdom of Bhutan and Wintermute have been moving Bitcoin onto exchanges recently, which usually means they're preparing to sell. However, so far it's been absorbed by Bitcoin ETFs pulling in fresh money.