BTC Getting Greedy

Crypto Compass 57

"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria" - Sir John Templeton

• BTC is holding steady at $27K, while the broader crypto markets are barely moving, with some traders looking to today's central bank policy choices as the reason for any movement (2:00pm EST). The Fed Funds Rate is widely projected to remain steady at 5.25%-5.50%, while the Risk Signal has fallen below 30 for the first time since July.

• BTC's price volatility the past week contrasts with the calm in TradiFi. The central bank's likelihood of a hawkish or dovish surprise is minimal, favouring BTC's price trend.

• After Japan's biggest investment bank, Nomura, anounced that its crypto subsidiary was launching a new adoption fund for institutional investors, BTC gained $27.2K, and momentum is building. A valid bullish entry has happened in the price activity leading up to today's meeting.

• Upside momentum might bring the price up to the $27.78K (200-day MA) resistance level. If the asset breaks through the major barrier over $27.5K, it may test $28K. Momentum is in our side, and if it continues pilling up we could see price moving up.