Bitcoin Might Be Building a Base at $65K
According to Fidelity Investments' director of global macro, Jurrien Timmer, bitcoin is building a base at $65,000 amid rising geopolitical risks. Despite rising geopolitical risks, markets are anticipating a solution as shown by the backwardation in the oil market and low credit spreads. This suggests a short-term supply shock.
Key Insights:
* Bitcoin has established a strong level of support at $65k.
* The selling pressure has been mostly absorbed as there are not many "paper hands" left in the market.
* Equities aren't experiencing a selloff due to earnings strength and mid-cycle expansion.
Market Outlook:
Timmer is optimistic about Bitcoin's outlook, stating that the cryptocurrency has solid technicals and can build a base. Additionally, Timmer believes equities will continue to perform strongly with single-digit drawdowns.
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