“Time in the market, beats timing the market.” - Ken Fisher, founder of Fisher Investments.
BTC’s current price action suggests a market poised for potential movement, albeit uncertain about its direction. Significant support is observed near the $60k level, indicating a strong foundation for potential upward movements.
While a challenge towards the $75k level is anticipated in the future, the immediate outlook suggests a period of churn and consolidation rather than a rapid upward surge. Overall, the market retains a bullish stance, but short-term fluctuations and sideways movements may be expected before significant price movements occur.
Figure 1: Market’s Sentiment.
BTC traded around $66.8k before the release of U.S. nonfarm payrolls figures for March, indicating a period of consolidation after hitting an all-time high near $74k in mid-March. Despite the previous peak, it has struggled to maintain stability at those levels, experiencing volatility and risking a potential correction.
The outlook for both BTC’s price growth and interest rates remains crucial for broader market sentiment, with investors closely monitoring indicators such as the labor market and inflation. However, the latest data on U.S. nonfarm payrolls exceeded expectations, with the economy adding 303,000 jobs in March, significantly higher than the anticipated 200,000 jobs.
Figure 2: US Bureau of Labor Statistics.
The 4-hour overview reveals a continuation of bearish sentiment, marked by heightened volatility and significant price movements. Despite this, the market has found support at $64.511k and established a new resistance point at $71.391k, widening the potential range for price action...
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