BTC Pushing Higher Again
Bitcoin prices are bouncing back firmly on Monday with BTC futures up more than 2% today and now up almost 5% off last week’s lows. News of a continued rise in institutional demand for BTC has helped underpin sentiment with BTC ETFs recording huge inflows last week, reflecting the residual view that BTC is primed to breakout higher. Indeed, recent headlines show that Japanese investor Metaplanet has issued around $210 million in fresh debt with a view to purchasing more BTC. Strategy founder Michael Saylor is currently in talks with Pakistan aimed at the country including Bitcoin as part of its currency reserves. Additionally, Saylor announced this week that his fund plans to make another huge BTC purchase reflecting continued confidence in a fresh BTC rally this year.
FOMC On Watch
This week, BTC traders will be watching the Fed on Wednesday as it meets for the June FOMC. While no change is expected, traders will be monitoring the bank’s assessment and outlook for signs of how likely a cut is near-term. Currently the market is pegging September for the next Fed rate cut. If the tone of Wednesday’s meeting endorses that view, BTC is likely to rally near-term while USD comes under fresh pressure. However, if the Fed pushes back against rate-cut expectations, this could hamper the rally in BTC for now as USD strengthens.
Technical Views
BTC
For now, BTC prices remain rangebound between $100k support and the $108,855 level resistance. While still within the bull channel, focus is on a fresh break higher towards the channel highs and $120k level next. If we break sub $100k, focus turns to $91,750 as next support to watch.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.