Everything is the same on the market. Bitcoin is sluggishly sliding towards the lower limit of the range that we have been talking about since the beginning of the week. Now Bitcoin is below 61K, we have a large support area at 59000-58600. Intermediate support at 60800-60600
The external background is negative. The 10-year yield rose to 4.5%, the dollar index is above 105, and S&P 500 futures are in the red.
Today, movement in the US stock market may be caused by data from the labor market (15-30 Moscow time), and the speech of the Fed speaker at 21-00 Moscow time
Yesterday there was a slight inflow into BTC-ETF (11.5 million). The downside is that it is small (less than previous outflows). The plus is that it is not a minus).
But here’s more important information: trading volume on Coinbase in the first quarter of 2024 more than doubled and amounted to $312 billion. It is important that 82% was institutional volume, which grew much stronger than retail volume.
This suggests that the crowd has not yet purchased. She is still afraid, waiting for the fall to 30K, and is in other manifestations of mental masturbation).
And some also sold at 60K what they bought above 70K.
Alts in general are still weak, but selective growth is already beginning. The leaders are TRB and UMA. If Bitcoin returns to at least 63,000-64,000 by the weekend, we will see a local increase in alts.
Information has appeared in the media that US presidential candidates have different attitudes towards crypto. Trump promises to support her. And Biden has prohibitions and restrictions on this asset class.
I will comment on this in more detail later; but I think that crypto is too complicated for Biden to have his own position on the topic. It's all about the environment, many of which are extremely stupid.
But if there is no Biden, there will be no entourage. So the position of the US crypto community will take this factor into account.
The long-awaited listing of Notcoin will be on Bybit and OKH on May 16th.
For those in the know, get ready.
