Galaxy says the bear market will end in June, but the market isn’t buying it: BTC is still grinding below $80K.
Midday data: $BTC 79,734 (-0.48%), $ETH 2,313 (-0.35%), while $ZEC 1,221 (+1.46%) is holding up against the trend. Galaxy Research says the BTC bear-market bottom is around $76.5K in June, and that we’re now in an accumulation phase. But yesterday, Strategy paused its crypto purchases, and spot ETH ETFs saw outflows of about $88.58 million today.
My take: The big-picture narrative is bullish, but the short term is being weighed down by the FOMC meeting from tonight through tomorrow evening, with the market concerned about hints of a rate hike in December. $80K is the dividing line between bulls and bears: if it breaks below, watch $79.1K first, then support around $77K. A sustained move above $82.5K would signal a genuine turn for the better. Don’t chase ahead of the FOMC; wait for the remarks before making a move.
Do you think Galaxy’s “the bear market is over” call holds up?
#BTC #FOMC
Personal opinion only, not investment advice.
Midday data: $BTC 79,734 (-0.48%), $ETH 2,313 (-0.35%), while $ZEC 1,221 (+1.46%) is holding up against the trend. Galaxy Research says the BTC bear-market bottom is around $76.5K in June, and that we’re now in an accumulation phase. But yesterday, Strategy paused its crypto purchases, and spot ETH ETFs saw outflows of about $88.58 million today.
My take: The big-picture narrative is bullish, but the short term is being weighed down by the FOMC meeting from tonight through tomorrow evening, with the market concerned about hints of a rate hike in December. $80K is the dividing line between bulls and bears: if it breaks below, watch $79.1K first, then support around $77K. A sustained move above $82.5K would signal a genuine turn for the better. Don’t chase ahead of the FOMC; wait for the remarks before making a move.
Do you think Galaxy’s “the bear market is over” call holds up?
#BTC #FOMC
Personal opinion only, not investment advice.