Key Takeaways
Better-than-expected inflation pushed bitcoin higher, but the move got wiped out on speculation over US Govt selling.
The short overcrowded market gets flushed. Fresh longs got liquidated as well. Back to square 1.
Aggressive defense on $27k.
Is this the second chance to buy into the Meme mania? Keep an eye on selective Meme coins, like the ones mentioned below.
Bitcoin was up +2.35% following a cooling CPI print (+4.9% YoY vs 5%), however, the move was wiped out late afternoon UTC time.
Open decreased by 7% as the price dropped below $27k, which is a positive sign as no fresh shorts were added. On the contrary, fresh demand sitting at 26.8k and 27k defended our key support level.
This move was a great opportunity to accumulate BTC. We are confident that our mid-term outlook of $35k will play out as external pressures subside. The market is pricing the Fed to pause in June, and the cut is out of the cards, which is optimal for the run to $35k.
Furthermore, the DXY is down and crossing below a significant moving average, which has triggered explosive moves in the past.
Was this an explosive move and the beginning of the next bull run? It was a significant move when you consider that it dipped below $27k. However, a move lower -
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