US GDP data came out weak and American indices went down. But there is no strong decline yet, the S&P 500 fell by less than 1%.
The market was supported by good data on the PCE PRICE INDEX (core 2.6%, monthly actually 0).
Yesterday I gave a forecast that weak GDP data combined with low inflation is not bad, as it means the Fed will soon shift to supporting the economy.
So it turned out.
After the markets close, there will be reports from Microsoft and META. But the stock market will react to these reports today.
Chinese and most European markets will be closed today, but American ones are open.
Bitcoin remains in the same narrow range, moving from 93000 to 95500 for more than 5 days.
With altcoins, the picture remains the same - weak but promising (I mean the TOP). When altcoins will go up, and why this is some kind of incorrect bull run, we have already figured out here.
Of interest:
- According to Bitwise, more and more public companies are buying Bitcoin on their balance sheets. In April, such purchases amounted to almost 100K BTC.
At the same time, 15 new companies have joined the topic.
- Today, CZ at the conference in Dubai stated that Russia holds BTC, ETH, and BNB in its national reserve.
About BNB, it seems he has already added it on his own. I think there will be neither confirmations nor denials. And by 2025, we will suddenly learn about China's actions in this direction.
Recently, there have been many applications for ETFs (XRP, LTC, HBAR, AVAX, SOL, DOGE, etc.).
The SEC has postponed their consideration for now. I think they will be accepted in the second half of the year.
The reason is clear - what is the point of them in such a market?
They will accept it when the growth has already begun, so there is demand and cash flow.
ETFs on Bitcoin were not accepted when it was below 20K. Or when it was hovering between 20000-30000 for most of 2023. They were accepted when it rose to 45K.
And with Ethereum, they made a mistake that they will not repeat.
I think that if there are no surprises regarding geopolitics, Bitcoin will remain in the same range with a lower boundary at 92000-90800 and an upper boundary at 94000-95000. This is the priority option.
Consolidation above 95K is an alternative option.
"TAKEN FROM THE MAIN CHANNEL ON CRYPTO"
