Bitcoin was in the range of 65302-67000 during the day
At the time of writing the Review, the price of the main cryptocurrency was 66048
Market capitalization 2.33 trillion, dominance index 55.99%, fear index 61
Stock markets were down yesterday.
The S&P 500 closed down 0.33%, while the Nasdaq lost 1.38%. True, the Dow Jones grew by 0.50%, i.e. The technology sector, which has ensured the growth of indices over the past few months, is falling.
Microsoft's report turned out to be quite good in fact. But not strong enough to keep shareholders from taking profits and exiting. So, most likely, today before the Fed meeting, stock markets will also fall.
- Added to everything else is geopolitics. The head of the Hamas politburo was killed in Tehran. The details are not yet known, but it is clear that Israel is involved in this, and Iran will respond. A possible escalation is an additional reason for markets to fall.
However, futures for the S&P 500 are now rising, as are oil and gold. A decline in 10-year bond yields is also good for the market.
There is still a strong growth in Asian indices, so not everything is so clearly bad. Perhaps someone has inside information about Powell's speech today).
- The main events in the market will unfold at 21-22 Moscow time, when the Fed meeting and press conference will take place.
If Powell talks about the Fed’s transition to supporting the economy and reducing monetary policy, this could overcome all the negativity and turn the markets around. But it is not a fact that it will be so clear. If he again starts talking about “fighting inflation and achieving the 2% target,” the markets may dive even deeper. Especially if geopolitics contributes to this.
Bitcoin remained within the priority option of yesterday's Review. Now it has fallen below 66K on information that Mt Gox is moving something again. I don't think anyone will be very impressed right now. But if there is a movement from the US government (yesterday in the Review there was about it), or something similar, and/or a significant decline in the stock market, then we can test 65200-65000, and if this support is lost, 64000-63800
The factors for the growth and fall of Bitcoin that were cited earlier are all valid.
Interesting stuff.
- Senator Cynthia Lummis introduced the “BITCOIN Act of 2024” bill, which allows the US to hold BTC as a reserve asset. The topic is good, but just a bill.
Alts are now holding up better than Bitcoin, the dominance index has decreased slightly. But it is clear that there will be no significant changes in alts until Bitcoin fixes above 70K.
Perhaps what has been happening in the market over the past 5 months (Bitcoin in the range and the fall of alts) has...tired many).
But that's how the market works.
Achieving goals and taking profits does not happen when you need money. And then when the appropriate market conditions arise for this.
Typically, these conditions occur when most market participants become disillusioned that growth will ever happen. And they leave the market.
And after some time (usually very soon), they are surprised to see that the goals for which they expected this or that asset were successfully achieved, and often exceeded. But alas, without them.
Therefore, you need to be patient and resistant to emotions. Use your brain for its intended purpose and act according to plan. What should be reflected in the plan already.
The market will do the rest itself. All you need to do is not disturb him.
The priority option for today is Bitcoin in a range with a lower limit at 64500-63800 and an upper limit at 67000-67500
Alternative - consolidation above 67500
