BITCOIN, GOLD, and S&P 500: Analyzing TODAY'S Financial Giants

🗓 Monday, April 8, 2024

Bitcoin fluctuated within the range of $68.8k to $70.3k over the last day.

The market capitalization stands at $2.5 trillion, with a dominance index of 54.54% and a fear index at 76.

The stock markets have opened neutrally, with the S&P 500 experiencing a slight dip, the dollar index climbing above 104, and gold hovering around $2360.

📈 The American indices remain near their peaks, suggesting potential for further growth due to the inevitable decrease of the Federal Reserve rate and the overall favorable economic situation for investment assets.

📉 Conversely, factors such as the market's prolonged previous growth driven by tech giants and AI-related companies, the increasing dollar index, potential geopolitical tensions, and Biden's controversial state, suggest a possible correction.

This week's spotlight is on the release of the US CPI data for March and the PPI inflation data on April 11 at the same time. These figures will either propel the S&P 500 to new heights or push it towards the 5000-4800 range. Today data on inflation expectations in the US will be disclosed.

Bitcoin has solidified its position above $68.5k, but encountered resistance in the $69.8k - $70.2k range.

Since late February, Bitcoin has been trading within the $60.0k - $73.7k range, with significant stop zones formed outside these boundaries, making them attractive targets.

It's certain that the price will hit the upper stop zone ($74.0k - $76.0k); the only question is when.

The likelihood of reaching the lower stop zone ($58.6k - $56.0k) remains uncertain. Given the market's dynamics, a strategy becomes apparent.

The main event on the horizon is the Bitcoin halving, expected in 11 days. The implications of this event for the market will be examined in due course.

🚀 Altcoins continue to trail behind Bitcoin's rally past $69.0k. With the dominance index nearing 55%, it's evident that investors are cautiously waiting to see if Bitcoin will secure its position above $70.0k or retreat.

#btc