“We ignore outlooks and forecasts… we’re lousy at it and we admit it … everyone else is lousy too, but most people won’t admit it.” - Martin Whitman
🇨🇭 Join our Swissblock Telegram Group! Get daily updates, in-house content, and technical analysis on crypto & macroeconomics. Tap into a hub of knowledge and insights. Stay ahead with Swissblock. Sign up now! 🚀
BTC is trading sideways near $43.5k after recording a 15.25% gain for holders this week. This are relief news after that the recent bear market for BTC, which was the most extended period spent below the 200-week Moving Average.
We need to take advantage of the low risk environment that we remain. This position us for spot bids from the crucial support level at $43k, with the opportunity to seize the buy the dip opportunity following a rally led by institutional investors.
Projections of the Federal Reserve considering rate cuts in early 2024 have contributed to a significant rally in stocks and bonds, pushing the S&P 500 to a new high for 2023 and lowering 10-year Treasury yields closer to 4%.
Despite the potential impact of U.S. November inflation data, with October's consumer price index unchanged, BTC has been rising and reached $44.49k on Tuesday, its highest level since April last year.
Keep reading with a 7-day free trial
Subscribe to Swissblock Insights to keep reading this post and get 7 days of free access to the full post archives.