Checked the charts this morning. Here's what I'm thinking.
$BTC is looking a bit shaky, currently around $62768.48. Not feeling super bullish atm, the macro picture is def weighing heavy.
High oil prices and rising bond yields are making non-yielding assets like crypto less attractive. Plus, the regulatory FUD keeps popping up.
Here's the setup: If $BTC fails to hold the $62700 level, which was yesterday's low, then we're likely headed for more downside. A break below that could easily push us further into the $61k range.
On the flip side, if we manage to bounce hard from here and reclaim something like $63500, we could see a short-term relief rally. Maybe $ETH and $BNB could catch a small bid too.
But honestly, the first scenario feels more likely right now. The ongoing regulatory uncertainty and rising Treasury yields are just too much to ignore.
I'm leaning cautious, possibly bearish, for the short term. Need to see a clear shift in market sentiment or macro conditions to get properly bullish again.
#CryptoOutlook #BTC #MarketAnalysis #Trading #BinanceSquare
$BTC is looking a bit shaky, currently around $62768.48. Not feeling super bullish atm, the macro picture is def weighing heavy.
High oil prices and rising bond yields are making non-yielding assets like crypto less attractive. Plus, the regulatory FUD keeps popping up.
Here's the setup: If $BTC fails to hold the $62700 level, which was yesterday's low, then we're likely headed for more downside. A break below that could easily push us further into the $61k range.
On the flip side, if we manage to bounce hard from here and reclaim something like $63500, we could see a short-term relief rally. Maybe $ETH and $BNB could catch a small bid too.
But honestly, the first scenario feels more likely right now. The ongoing regulatory uncertainty and rising Treasury yields are just too much to ignore.
I'm leaning cautious, possibly bearish, for the short term. Need to see a clear shift in market sentiment or macro conditions to get properly bullish again.
#CryptoOutlook #BTC #MarketAnalysis #Trading #BinanceSquare