Hey, guys, this is a weekly update on bitcoin.
in the last weekly review bitcoin was trading at 63k and I said that the buying pressure remains strong and most likely after the technical correction is over we will resume growth. In addition, last week good inflation data came out at 3.4% (previous 3.5%) which also had a positive impact on all risky assets (indices, stocks, precious metals and cryptocurrencies).
Looking at the metrics of inflows into the spot bitcoin ETF, we have a decidedly bullish scenario of 5 green days with total inflows of 920 million, the smart money continues to gain ground.
Technically at the moment bitcoin has broken the local downtrend and back above its moving averages, and looks good for a continuation of the trend into the 69-70k zone.
Key support is currently at 64-63.5K and the more distant 60K.
The entire focus of the cryptocurrency market will be directed this week to the SEC's Decision on the ETF on etherium.
Negative decision is negative for the market , Positive decision is super positive.
Institutional investors are preparing for disappointment, which may explain the weak performance of etherium. But of course there are also potential chances for a positive decision, which is associated with political motives in the U.S. election year.
Macro data that may affect volatility and asset prices this week.
1. manufacturing and service sector business activity index (PMI)
2. Initial jobless claims
Stay tuned. Always DYOR.
