Bitcoin consolidated above 60K over the weekend, reached just above 62800 (the maximum since July 2), and at the time of writing the Review is trading at 62800.
Market capitalization 2.25 trillion, dominance index 55.12%, fear index 52
Stock markets opened mixed. S&P 500 futures are in positive territory, Asian indices are falling, 10-year bond yields are rising, the dollar index is growing and trying to return above 103.9-104.
Today the main event for the markets will be at 19-00 - Powell's speech. Let's see how his rhetoric changes after yesterday's events - after all, it now becomes clear that in the normal course of events (elections are held on time and without any special incidents), the Democrats have nothing to catch on them, with or without Biden.
And Trump promised to change the head of the Fed. I think the situation will push Powell to take even more cautious actions.
Today weâll see how the markets react to the events taking place. Trump President is a positive for the markets. But only on the condition that the elections take place and proceed normally. All other options will pretty much shock the market.
For further growth, Bitcoin needs to overcome the strong resistance area at 62800-63800. If the dollar index continues to fall, and there is no new FUDa on mt.Gox, the English government or something similar, he will do it easily and quickly. If something goes wrong, it may rebound to the 60000-59500 area, which will shift the timing of growth, but will not change the prospects.
Ethereum is already above 3300, but alts are still lagging behind Bitcoin, the dominance index is again above 55K.
The leaders of growth for the day are Pendle, SNX, STX
If Bitcoin continues to grow, or if it confidently consolidates above 62500, I expect growth in Ethereum and related assets, as well as the meme sector.
Senator Cynthia Lummis said the dollar should be backed by Bitcoin. Sounds too ambitious now. But it's beautiful.
The SEC has dropped its investigation against Hiro Systems. They were also accused of selling tokens as unregistered securities. Everything is within the framework of this trend.
Interesting information from Mike Novogratz:
- He talks about rumors that China plans to lift restrictions on BTC in the 4th quarter of 2024. Logically, this would be correct. And quite unexpected for the market. And the consequences are much stronger than ETFs.
The priority option for today is Bitcoin in a range with a lower limit of 60000-59500 and an upper limit of 63500-63800
Alternative - consolidation above 63800
