Bitcoin was in the range of 62111-64422 during the day
At the time of writing the Review, the price of the main cryptocurrency was 62740
Market capitalization 2.25 trillion, dominance index 55%, fear index 64.
Stock markets practically stood still yesterday. The S&P 500 rose during the session, but only by 0.13%, closing at 5187.
Fed speaker Kashkari somewhat spoiled the mood of the markets, saying that the Fed could keep the rate unchanged for a long time, and if necessary, raise it.
But everyone in the know understands that the start of rate cuts is getting closer. At current rates, the United States spends $2 million per MINUTE on servicing the national debt. Considering where they get these dollars, this will definitely not reduce inflation.
Therefore, market participants are expecting a rate cut in September. Problems with banks or something similar could force the Fed to cut it earlier. And the money supply in M2 has already begun to increase.
Now futures for the S&P 500 are in a slight minus, the yield on 10-year bonds and the dollar index are growing slightly, and Asian indices are falling.
Bitcoin the day before yesterday was unable to gain a foothold above 65K, and yesterday it failed to stay above 64K, after which it began to move towards the lower limit of the range. It reached almost 62K, then bounced up. A boring flat with minimal volatility.
There was an outflow from BTC-ETF yesterday again. But small - only -$15.7 million. IBIT fell by 0.22% by the close of the session.
Grayscale unexpectedly withdrew its ETH-ETF application from the SEC. This is strange, and may indicate that spot ETFs, which the regulator will review at the end of May, will not be approved.
It seems that Gensler’s resignation will be stronger news for the crypto market than halving).
In fact, Bitcoin is destined to grow. Global reasons, which have been spoken about many times, and pure mathematics, make its growth without alternative. That’s why we read news every day about new large structures entering the field. For example, yesterday it became known that Monolith Management (a former partner of Sequoia China) entered the Bitcoin ETF from BlackRock for $24 million.
Spot Bitcoin ETFs may soon appear in South Korea.
The direction and result are obvious. The only question is timing. But, as always, the majority will not achieve the result. Out of fear, out of uncertainty, out of a lack of understanding of the essence of crypto assets, because of emotional instability, they will sell assets for zero, or with a profit of 20-30%, which is ridiculous for crypto. Some may even sell at a loss.
You just need to confidently hold the right assets. The market will do the rest itself.
The priority option for today is Bitcoin in a range with a lower limit at 59000-58600 and an upper limit at 65000-65500
Alternative - fixation above 65500
