Bitcoin moved within the range of 63606-67070 during the day
At the time of writing the Review, the price of the main cryptocurrency was 64193
Market capitalization 2.30 trillion, Bitcoin dominance index 54.99%, fear index 72
The S&P 500 closed yesterday at 5071 (virtually zero). But the META and IBM reports, which came out after the market closed, were disappointing - after the market closed, META was in the red by 15.46%, and IBM by 8.43%.
Usually META stocks influence the market quite strongly. Therefore, today, with the opening of the American session, there is a high risk for the S&P 500 to go below 5000 again.
But today reports come out from Microsoft, Alphabet and Intel. They will be released after the market closes. In addition, at 15-30 data on GDP, trade balance and the US labor market will be released.
META and IBM reports are a factor in the market decline. The market will evaluate the economic data, which will be released at 15-30, according to the principle “the worse, the better” (since weak data is in favor of an imminent Fed rate cut). Reports from Microsoft, Alphabet and Intel will affect the market tomorrow.
Currently, S&P 500 futures are down 0.63%, the dollar index is at 105.77, and the 10-year bond yield is 4.65% (extremely high).
It seems like most of the factors are behind the fall of the market. But what most participants expect does not often happen on the market.
Bitcoin failed to pass the resistance at 67000, rebounded to 63800-63600, from where buyers reacted and quickly returned above 64K. Despite the drop in IBIT (by 3.93% yesterday), even support at 60K was not tested. Perhaps this is the plan for today. Or perhaps we will consolidate above 65K and again try to take 67K.
With any of these options, Bitcoin still remains in the range of 59000-73777, where we have been since the end of February. External negativity (the Fed, stock markets) prevents going up; systematic purchases of large players prevent it from going down, as well as the fact that more and more market participants understand that only a deer can sell Bitcoin now.
The next important event for Bitcoin is April 30, when ETF trading for Bitcoin and Ether begins in Hong Kong. Whether this is positive or negative depends on their volume, as well as on how easy access to the tool will be for those from mainland China.
Otherwise everything is according to plan. The mathematics that I talked about works regardless of what happens on the stock market and other negative factors, such as the excesses of regulators.
About regulators.
The EU is doing something crazy again. They promise to collect maximum data about crypto owners, monitor wallets, ban mixers and anonymous coins:
Freedom and democracy in all its glory).
True, if a person has the habit of using the brain for its intended purpose, all this works out.
The altos on this strait are holding up well. Ether is above 3150, the dominance index has not yet gone even above 55%.
The priority option for today is Bitcoin in the range with the lower limit at 61000-59000, and the upper limit at 67000-67200.
An alternative option is to consolidate above 67200.
