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17 March 2023

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Swissblock Insights
Mar 17, 2023
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  • Following last week's price retracement, the market has regained its bullish momentum, and the Bitcoin Risk Signal dropped to around 30, indicating that the mid-term outlook remains favorable for continued growth.

  • The current market hypothesis suggests that $20k serves as a robust support level for the mid-to-long-term, with resistance levels remaining undefined, signaling potential for even greater upside in the coming period.

  • The short and mid-term outlooks for the global markets are decidedly optimistic, driven by an influx of liquidity ($2 trillion), which is expected to flood the markets and overshadow positive job data that has encouraged rate hikes in the US.

  • US treasury yields are witnessing a rapid decline, and the market is pricing in a 25 basis point (bps) hike in March, primarily due to the strong job market, before an anticipated pause in May.

  • Analyzing the relationship between bitcoin and altcoins (alts lagging bitcoin), it appears that we are either at the end or the beginning of the next mid-to-long-term move. Given the described environment, there is increased confidence that a strong crypto-wide rally is imminent.

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