Commodities (and stocks) are all more in motion and changing after the Fed said last week that they will keep hiking. Plus you had that blow out jobs. I don't believe the Fed is hiking to infinity based on jobs but we have to respect that the market is digesting that for now which is causing some changes in markets.
Since Bitcoin (BTC, BITO) doesn't really do anything for a living, it's become a pure macro trading instrument. Most involved in Bitcoin don't think about it as that which makes it more valuable to trade it based on macro.
So last week's latest market sentiment that the Fed needs to stay a little tougher than previously thought is creating weakness for Bitcoin.
More tightening is perceived as a macro negative for inflation assets.
I'm very bullish for Bitcoin for the year but near term technicals and perceived fundamentals create some pullback risk.
I said earlier in chat (to subscribers) there's more risk for tomorrow. I was very bullish early in the year. BTC & BITO jumped. Technicals are certainly taking a breather and showing risk now. I've been calling that out of late but I see it more and more every day. Momentum has stalled which is so key for Bitcoin and so there's risk for a change in momentum and a pullback.
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