Quick market update — no fluff, just what I actually see.
The stronger U.S. dollar and rising rate expectations are pressuring risk assets, which is evident in the price of BTC, currently at $63490.32, and ETH, which is at $1670.96.
This is a clear indication that investors are becoming risk-averse, and it's also affecting other cryptocurrencies like XRP, which is still trapped below key resistance levels, currently trading at $1.1499.
Given the current market sentiment, I'm taking a cautious stance, and I think it's essential to set a stop-loss around $61184.00 for BTC and $1604.00 for ETH, with a potential take-profit at $64234.68 for BTC and $1721.93 for ETH.
The fact that traders betting against bitcoin lost $504 million over 24 hours as it bounced from below $60,000 is a significant indication of the market's volatility, and it's crucial to be prepared for any scenario.
Overall, I'm bearish on the market in the short term, and I think it's essential to be careful with our investments, especially with the current geopolitical tensions and oil price rally.