In the BTC chart, this blue line is the support level of several recent lows. Now it has become a resistance level. If this rebound can’t effectively hold above that blue line, I’m still more bearish.
The macro environment isn’t supportive either. The Fed just raised rates by 25 basis points, and the dot plot also suggests that further hikes may be possible later this year. When the U.S. dollar and Treasury yields strengthen, BTC—an asset that’s quite sensitive to liquidity—often can’t immediately sustain a lasting rebound. If technicals break support and the macro backdrop lacks fresh liquidity catalysts, it becomes even harder to reclaim the level.
If it can’t push up and hold here, we may see a new low. Just be patient and wait.
The above is my personal view and does not constitute investment advice. DYOR.
The macro environment isn’t supportive either. The Fed just raised rates by 25 basis points, and the dot plot also suggests that further hikes may be possible later this year. When the U.S. dollar and Treasury yields strengthen, BTC—an asset that’s quite sensitive to liquidity—often can’t immediately sustain a lasting rebound. If technicals break support and the macro backdrop lacks fresh liquidity catalysts, it becomes even harder to reclaim the level.
If it can’t push up and hold here, we may see a new low. Just be patient and wait.
The above is my personal view and does not constitute investment advice. DYOR.
