LIVEHey guys,
This is a weekly update on bitcoin.
In the last review we told you that bitcoin continues to consolidate near the upper boundary of the sidewall, accumulating “fuel” for further growth.
Over the past week, there are no changes in onchain metrics, fundamental and technical.
On Friday there was moderate negativity on the publication of macro data, on the publication bitcoin, gold and the stock market shed. Bitcoin -5%.
🇺🇸Non-farm payrolls:
▫️272K (forecast 185K, pre. value 165K)
🇺🇸Unemployment rate:
▫️4.0% (forecast 3.9%, pre. value 3.9%)
This week's macro data may bring volatility to the market.
12.06. Federal Reserve interest rate decision, the forecast is that the rate will remain unchanged at 5.5% with a 98% probability.
12.06. Consumer Price Index (CPI) (y/y) (May).
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The correction before the Fed meeting is quite a good event, because if we went into the meeting super positive and growing, we could see a deep correction afterwards, and so we can expect a sideways movement or a moderate correction for a few days, and then the growth will continue. At least this is the statistics for the week after the publication of the rate data.
If we go back to bitcoin, last week Bitcoin ETF inflows amounted to 1.82 billion. Technically, the price continues to move sideways and the support zones remain unchanged at 67 and 64 thousand, locally it looks bearish and often such movement continues downwards, but if this does not happen in the next few days, we can expect a recovery to the zone of 70-71 thousand.
Always DYOR.
Stay tuned.
LIVEHey, guys.
Hope you're okay.
This is the weekly update on Bitcoin.
In the last weekly update, I said that bitcoin would consolidate to build up strength for a further upward move. Overall the forecast is working out exactly, we saw an attempted decline to the 67k zone, from where the price was bought back up again and returned to the 69k zone.
Today we will take a closer look at the onchain metrics to confirm the technical analysis more fundamentally.
1. open interest in derivatives.
Continues to remain at a high level, if we saw a significant drop in OI, this could be interpreted as unloading, but this is not the case, OI remains high, which in the current uptrend conditions, could be interpreted as accumulation.
2. Stock exchange reserves
There is a significant decline in reserves, which, indirectly indicates accumulation on cold wallets and preparation for HODL assets.
3. exchange netflow.
On the graph you can also see a decrease in the bitcoin balance on exchanges, which is a confirmation of the upcoming growth, a similar pattern was observed in November 2023.
4. In terms of TA, as before, we can distinguish the key support of 67 thousand, and more distant 64 thousand. Targets remain the same at 72, 74 and 79 thousand.
5. The news FUD remains positive, the launch of Ethereum ETF trading is expected in June, which will also have a positive effect.
In these conditions, it makes sense to continue to remain bullish and build your trade from the long.
Always DYOR.
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Stay tuned.