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Will #BITCOIN Dump Again ⁉️
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Yesterday was a volatile day for Bitcoin, with positive inflation rate and CPI data leading to a pump. However, the volume was relatively low, which is a concern.
🪷 Volume and Liquidity
- The current volume is $36 billion, which is high in current market circumstances.
- Yesterday, the volume was only up to $30 billion, which is relatively normal and not very bullish.
- The markets are still quite illiquid.
🪷 Interest Rate Decision and Press Conference
- The interest rate decision and press conference were relatively bearish, as the Fed acknowledged lower inflation but wants more data before cutting interest rates.
🪷 Technical Analysis
- Bitcoin is in a consolidation range between $66,000 and $70,000.
- A break above $70,000 with volume is needed to turn bullish.
- Currently, there is no confirmation to be bullish.
🪷 Fundamentals
- There is no bullish momentum coming from monetary policy in the US.
- The dollar strength index has recovered, which is neutral.
- It's summer, and volume is not great, which could lead to a choppy market.
🪷 Outlook
- The market is likely to be choppy and move sideways in the short term.
- A bearish breakout is more likely than a bullish one.
- Support levels are at $65,000 and $64,000.
- Today's initial jobless claims and continuing jobless claims data could impact the market, potentially leading to a bullish or bearish move.
