Bitcoin fell below 57K during the week from the levels of 62-63000, updating the local minimum at 56552 (they have not been at these levels since the end of February). But staying below 60K did not last long - yesterday the price of the main cryptocurrency confidently returned above 60K and even consolidated above 62K, where it has been for more than 12 hours.
Market capitalization 2.26 trillion, dominance index 54.79%, fear index for the first time since September 2023 fell to 43, but only for 1 day.
On the stock market, the S&P 500 maintained the level of 5000, and the move below did not last long either. On Friday, it closed higher at 5,131. The dollar index fell below 105.
IBIT fell below 33 during the week (the lowest since February). But two days of growth at the end of the week brought it back above 35. In addition, yesterday there was an influx into ETFs for the first time since April 23, totaling $378.5 million.
Market capitalization rebounded from the 2 trillion level, the importance of which has been spoken about many times before.
Now Bitcoin is almost where it was a week ago - in the range of 62500-63500.
The reason for the reversal was Powell's statements at the Fed press conference. Despite all the rhetoric about fighting inflation and maintaining the rate, investors understood the main thing - they will no longer raise the rate, the reduction in the balance sheet is slowing down by more than 2 times, and most importantly, they have actually already begun to generate money, the M2 indicator has moved to growth. And this will continue - after all, the Treasury is going to buy US debt bonds for 15 billion in June.
But these are all reasons, albeit fundamental ones.
More than 500 million liquidations, a lot of people selling Bitcoin and other crypto assets in the red, and now looking at the current prices with bewilderment and disappointment - this is sad. But that's how the market works.
In the short term, markets are not mathematics, but psychology. But in the long term, mathematics is still primary).
Determining where the price will go based on the chart, placing stops on the spot, and not understanding the fundamental cause-and-effect relationships is the path to losses and disappointments. But everyone can correct the situation and get out of the market crowd.
The altos are starting to come to life. But not particularly fast, and very attractive for purchases. If anyone has been slow and hasn’t bought Bitcoin below 60K, or Ethereum below 3K, take a closer look at alts that are undervalued.
The priority option for the weekend is Bitcoin in a range with a lower limit at 59000-58600 and an upper limit at 63500-64000
Alternative - consolidation above 64000
