BTC broke the downtrend this past Friday on a huge move, breaking above $41K resistance in the same day. This has very bullish implications as a lot of spot buying power was needed to clear both levels. Ideally, we hit $45K near-term and pullback to $41K before squeezing higher. A lot of disbelief on twitter.
Hawkish Fed was the narrative that took the markets down. BTC went 52% off the ATHs and rate hikes seem to be priced in given 10yr treasury rose 6% Friday to 1.93% and crypto surged on the same day. Think this next leg up will be where we break to new highs and go parabolic. Biggest bull markets are built on a wall of worry and hawkish Fed is the wall. Markets tend to top out at the end of a tightening cycle, which is currently 2024.
Hawkish Fed was the narrative that took the markets down. BTC went 52% off the ATHs and rate hikes seem to be priced in given 10yr treasury rose 6% Friday to 1.93% and crypto surged on the same day. Think this next leg up will be where we break to new highs and go parabolic. Biggest bull markets are built on a wall of worry and hawkish Fed is the wall. Markets tend to top out at the end of a tightening cycle, which is currently 2024.
Commentaire:
Respecting the levels so far. Very clean action despite all the head lines this past week. Let's see if we can bounce here and move higher into next week.