๐ US stock futures did not tank as feared, allowing Bitcoin to survive Monday's crash so far.
๐จ๐ณ However, plunging Chinese PPI data and commodities warnings of $60 oil raise economic concerns.
๐ More focus on the global economy, especially China, as media narrative on its slowdown builds.
๐ค This could be a double-edged sword for Bitcoin - initial fears may drag stocks and risk assets lower, but major China stimulus could boost BTC.
๐ Bitcoin's $54,866 weekly close was neither convincing nor bullish. Williams Alligator's first weekly sell signal since April 2022 is alarming.
โ ๏ธ Combined with Vanguard indicator, there are no immediate recovery reasons barring positive crypto news.
๐จ Bitcoin Crypto Fear & Greed Index back to multi-year lows, as is the trading-specific index.
๐น Liquidation and leverage data suggest a short-term bounce to $59,000 is possible.
๐ Technically bearish, but a short-term rebound can't be ruled out. CPI data and stock market moves may determine Bitcoin's next direction.
What's your outlook on Bitcoin's near-term price action?
