Bitcoin moved within the range of 64237-66090 during the day
At the time of writing the Review, the price of the main cryptocurrency was 65632
Market capitalization 2.35 trillion, Bitcoin dominance index 55.06%, fear index 73. Stock markets opened neutral. The dollar index shows a slight decline, while S&P 500 futures show growth. But the rising yield on 10-year bonds, which is already approaching 4.7%, does not speak favorably for the stock market.
Asian indices are now rising, oil and gold are declining.
The main market news this week will be reports from tech giants. Tesla report tomorrow, Meta and IBM on Wednesday, April 25 Microsoft, Alphabet and Intel.
Reports from these companies could either return the S&P 500 above 5000 or send it towards 4800.
In addition to the reports, the market will be affected by data on the labor market in the United States (to be released on April 25, 2024), and especially by inflation data (PCE Price index and inflation expectations) - to be released on Friday, April 26.
Since early April, US stock markets have been falling. This was expected; in March they also spoke about the expected movement of the S&P 500 to 5000-4800. Currently the support area for the S&P 500 is at 4940-4960. Based on the results of the reports from the tech giants, we will see whether it will be 4800, or whether we will return to growth.
Bitcoin spent the weekend within the framework of Saturday’s forecast, and from Monday it is trying to move to an alternative option (fixing above 65500). There are chances for success.
Global reasons for growth - no changes.
Pure mathematics that arises after halving shows the direction of movement completely unambiguously.
And now Bitcoin reserves on CEX exchanges are being greatly reduced. Even at last week's plum they are at multi-year lows. If Bitcoin grows at least above 70K, the process will go much faster. Because suddenly many will realize that there is not enough Bitcoin for everyone. There are many of them all, but there is not enough Bitcoin.
Only a strong decline in the stock market (if there is one) can spoil the picture in the short term. I think that in this case the correlation between Bitcoin and the stock market will decrease.
Altos are getting stronger. The dominance index is slowly falling, but remains extremely high.
Ether is already above 3200. I think that Ether and related assets are the first candidates for growth.
The priority option for today is Bitcoin in a range with a lower limit at 63000-62500 and an upper limit at 66500-67000
Alternative - consolidation above 67000
