Hey 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.
