LIVEHey, everybody,
this is a weekly update on bitcoin.
Bitcoin is correcting, I drew a similar formation in the weekly review. This looks like a technical correction and a test of the buyers demand zone.
Last week the bitcoin ETF had net inflows of 450 million (smart money buys), but at the end of the week we saw another pullback from the 64K resistance zone, which is attributed to a 1 billion option burn.
Supports are still below 60K and behind the local low of 57K, as we understand there is a huge amount of stop liquidity there and it may well be tested. The key resistance is above 64K, a break of which will give the way above 67 and 72K.
Key events that may have an impact on the price.
15.05- Inflation data, consensus forecast 3.4%, previous value 3.5%.
If inflation comes out at 3.5% or worse, it will be negative for the markets and cryptocurrencies in particular, if the forecast is 3.4%, it will be neutral and we will see a continuation of the sideways trend. If inflation comes out better than the forecast of 3.3% or 3.2%, it will be positive for the market and we will see the growth of the cryptocurrency market.
Stay tuned.
LIVE
