BTC surged to $72,841 yesterday, a daily increase of +5%, reaching a three-week high. However, the fear and greed index remains at 17, indicating retail investors have not kept up. To put it plainly, prices are moving ahead while people are still fearful; this divergence is beneficial for short-term bulls in $BTC.
Since February, the market has been stuck between $62,000 and $75,000. If it retests $65,000 or even $62,000 and there is support, it will still be a strong consolidation within the range.
This week, three catalysts will directly determine the pace: today’s FOMC meeting minutes, Thursday’s CPI, and tonight’s Iran deadline. The market has priced in a probability of over 50% for a rate hike, and with the correlation between $BTC and S&P 500 soaring to 0.94, the upcoming volatility will not be small.
Short-term bias is bullish, but don’t throw away risk management until the pressure at $75,000 is effectively broken. Do you think this wave is a true breakout or a false move?
#BTC #FOMC
Since February, the market has been stuck between $62,000 and $75,000. If it retests $65,000 or even $62,000 and there is support, it will still be a strong consolidation within the range.
This week, three catalysts will directly determine the pace: today’s FOMC meeting minutes, Thursday’s CPI, and tonight’s Iran deadline. The market has priced in a probability of over 50% for a rate hike, and with the correlation between $BTC and S&P 500 soaring to 0.94, the upcoming volatility will not be small.
Short-term bias is bullish, but don’t throw away risk management until the pressure at $75,000 is effectively broken. Do you think this wave is a true breakout or a false move?
#BTC #FOMC