Bitcoin moved within the range of 60712-61980 during the day
At the time of writing the Review, the price of Bitcoin was 61020
Market capitalization 2.20 trillion, dominance index 54.60%, fear index 40
Stock markets showed slight growth yesterday. The S&P 500 closed with a plus of 0.16%, the Nasdaq also showed a slight increase, the Dow Jones was in place, but at least it did not fall.
At the same time, the dollar index grew and is now above 105.6. The 10-year yield also rose.
Today the main news is GDP for the 1st quarter of 2024 in the USA. This will be the main factor determining the movement of the market. Simultaneously with data on GDP, data on the labor market will be released (all this will be at 15-30 Moscow time). How the market will react to this is best looked at by the likelihood of a Fed rate cut 09/18/2024
Now this probability is 57.9%. If it grows after the data is released, it means the market has assessed the data positively. If it falls, then vice versa.
Bitcoin bounced down from 62K, but has not yet fallen below 60700. Despite the growing dollar index and IBIT falling by 1.67% yesterday, as well as transfers to exchanges from the wallets of the German and US governments.
Ignoring the negative usually speaks well about the immediate prospects of the market. We have been prepared for these prospects for a long time, so we are monitoring the development of events. I think that there will be no significant movements in the market before the release of economic data. And then - they will.
The reaction of the crypto market (or individual assets) to the Biden-Trump debate is also interesting. Let's see how the PolitFi sector will react to what is happening.
I think that based on the results, at a minimum, we will move to one of the boundaries of the range, then depending on the situation.
The priority option for today is Bitcoin in a range with a lower limit at 59000-58500 and an upper limit at 62400-62500
Alternative - consolidation above 62500
From the news.
The Turkish Parliament has adopted a bill that tightens control over cryptocurrency transactions.
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