Bitcoin was in the range of 63750-64849 during the day
At the time of writing the Review, the price of the main cryptocurrency was 63941
Market capitalization 2.25 trillion, dominance index 55.95%, fear index 52
Stock markets closed higher yesterday.
The S&P 500 ended the session with a plus of 1.58%, the Nasdaq rose by 3.01%. Dow Jones added 0.24%,
Powell lived up to expectations. He spoke about success in the fight against inflation, about his readiness to cut rates in September, about his readiness to cut rates several times this year. However, the Fed is also ready to hold the rate, Powell could not help but say this.
The dollar index remains below 103.8, gold is approaching 2500, the yield on 10-year bonds continues to fall and is already around 4% (lowest since February 2024).
S&P 500 futures are now up 0.63%
And even the META report is better than expected.
But why, on such a positive note, did Bitcoin fall to the lower end of the range indicated in yesterday’s Review, and not go to the upper limit? Moreover, during the press conference he was actively trying to gain a foothold above 67K?
The most obvious reason that everyone talks about is geopolitics. News broke last night that Iranian Supreme Leader Ali Khamenei ordered a direct strike on Israel in response to the assassination of the Hamas leader.
Another news immediately came out - United Airlines (USA) is stopping regular flights to Tel Aviv for security reasons. No other airlines following suit were reported.
And immediately Bitcoin flew to 64K and even a little lower.
Everything seems logical. But AFTER does not mean IN CONSEQUENCE.
The stock market does not react particularly to this news. And it’s not surprising - everyone remembers how Israel and Iran recently exchanged demonstrative blows. This is when no one really wants to fight, but the intention must be shown.
Therefore, I think that the fall of Bitcoin on this news is either a manipulation to collect liquidity and then today, subject to a normal external background, the price will return above 65K.
Or today or tomorrow there will be another mt. GOX (from the US or English government, for example), and insiders leak it in advance.
The first option is more realistic and I like it better. But you need to be prepared for the second one, since the drain is really strange.
In any case, even the first option, even the second, does not change the plans and prospects for either Bitcoin or alts. But they only push back the deadlines for achieving goals. Since any leaked volume will end (as happened with mt. GOX, where they were already scattered at 70%), and the reasons why Bitcoin will reach the 90-100K range by the end of 2024 remain valid.
The market will do everything on its own, just don’t interfere with it.
The priority option for today is Bitcoin in a range with a lower limit at 63200-63000 and an upper limit at 67000-67500
Alternative - consolidation above 67500
