This is a weekly update on bitcoin.
A week ago the instrument was trading at 64K and I said that we are likely to go lower, on Monday the price reached 58K on the news about the plan to start paying out to the affected investors of Mt.Gox exchange. As I said before, I don't think that the affected clients, when they receive their payments, will immediately sell them on the " stock book " through centralized exchanges. Usually such transactions are done through OTC, so it will have a strong impact on the market, but we'll see.
Today is July 1 and bitcoin's seasonal statistics show that in 60% of cases, the instrument closed above the open.
Bitcoin interrupted a series of 3 bearish weeks by closing at 63K, drawing a bullish pin bar. Also in the ETFs market, the last 4 days were with total inflows into bitcoin ETFs of 135 million, interrupting a series of 7 days of outflows of 1.13 billion.
Technically, the instrument made a false break of 60K and rebounded, breaking the downtrend and the important 62K zone. And at this point we can consider a medium-term buy, with stops for the minimum of 57K.
This week is full of macro data that the market is watching. First of all, the data on the labor market, if the data confirming the slowdown of the labor market is released, it will be positive for risky assets, as it increases the chances of a decrease in the base interest rate in September.
Stay tuned.
