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Brian Shannon notes a persistent buying trend at the VWAP (Volume Weighted Average Price) from Bitcoin's year-to-date low.
He suggests that as long as Bitcoin maintains this low level, it has the potential to bounce back. Key levels to watch include the AVWAP from the most recent leg lower and the AVWAP from the year-to-date high.
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Shannon’s perspective on Bitcoin’s resilience aligns with his broader analysis of market dynamics, as demonstrated in his breakdown of trends across SPY, QQQ, Bitcoin, and Ethereum. His prior focus on rapid shifts in oil markets and the attendant risks further underscores the importance of monitoring key technical levels in volatile environments.