Bitcoin halving has taken place. As was said here, this has not caused any special movements yet.🫡
Bitcoin is still at the upper limit of the range that was mentioned on Friday. For further growth, you need to take 65K and gain a foothold. If this does not happen by Monday evening, the chance of refueling at the lower limit of the range increases.👈
The main negative for Bitcoin next week may come from the US stock market. The expectations of the “grand smart guy” he spoke about back in February are beginning to come true. The S&P 500 fell all week and consolidated below the psychological level of 5000. Considering the yield on 10-year bonds is above 4.6%, and the dollar index is above 106, and the growing tension in geopolitics, there is a chance to continue the correction to 4800 for the S&P 500. The main information reasons for the market there will be reports from tech giants. If they're anything like Netflix's report this week, the picture looks grim for the stock market.
But what do we care about the stock market? In 2023, has it already been stated that the correlation between crypto and the fund has practically ceased?
Now IBIT (BTC ETF) has appeared, which is quite strongly correlated with Bitcoin on spot. And IBIT itself, in turn, is highly correlated with the stock market.
Therefore, in the absence of reasons for immediate growth and the inability to gain a foothold first above 65K, and then above 70K, a fall in the stock market (especially if below 4800 for the S&P 500) will clearly be a reason for another loss of crypto.
As well as vice versa - if the reports of tech giants push the market up, the S&P 500 will return above 5000 and go higher - this will be the very reason for the growth of Bitcoin right now, which the market lacks.
I said about the consequences of halving for the market that a lot of people came to the halving and use emotions instead of brains to make trading decisions. And that there will definitely be a genocide of deer). The intrigue now is this: did this genocide happen last week when Bitcoin fell below 60K, or is it still to come?✅
We'll see you soon).👍
In the medium term, everything remains clear. There will still be new highs this year.🚀🚀
Until Monday I expect Bitcoin to be in a range with the lower limit at 63000-62500 and the upper limit at 65000-65500
Alternative - fixation above 65500
Have a nice day everyone and profit 🙏
Write your thoughts in the comments 👇
