We might be looking at scenario (1) right now. Heres why:
Crypto Whales Snatch Up $2.9 Billion in Bitcoin in Single-Day
BTC ETFs all recorded inflows yesterday INCLUDING Grayscale's BTC ETF recording its first inflow in weeks. This is adds confidence that the investor sentiment has turned positive and BTC will soon re-enter a buy-off.
This is all happening after a small higher than expected increase in US employment rates in the latest report, which is one of the key metrics that the Fed uses in their economic data analysis when deciding their policies. Meaning we could expect a dovish statement in the next policy announcement where some analysts are saying we may still expect a rate cut in 2024. This is in addition to the Fed already starting to “unwind Treasury buybacks and reducing QT [Quantitative Tightening]".
Overall sentiment is bullish. Oscillators are still neutral but if tomorrow ends in a green candle, we will be in buying territory. Im planning on taking a long position in the next hours. Will not sleep while i watch the Asia market trade for their session and see if they reinforce the buy out that is currently happening. A good entry price would be at 62.8k and a safe TP would be at the 64.2k pivot. This pivot is the most important zone to watch. Successfully closing above the pivot in the next 2 days will mean a pump straight towards 69k.
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