Last week was a game of two halves for BTC, as it rallied to a high of $76,000 on Tuesday only to trade down to almost $68,000 on Sunday as the market responded to PPI data, Fed comments and ongoing tension in West Asia. BTC, however, remains above its March open, in contrast to the volatility seen in the S&P500 index, with potentially clear air above $72,000, if the market has sufficient conviction to get there.
We analyse whether BTC can return to those levels.
Executive Summary
Institutional Bid for BTC Remains Intact
Market Signals
Bitcoin’s False Breakout as Macro Becomes a Headwind
General Macro Update
Fed Policy Held Hostage by Energy Shock as Inflation Risks Re-Emerge
Energy Shock Reprices Global Rates and Reshapes Policy Expectations
Crypto in the News
SEC Approves Nasdaq Tokenisation Framework: A Structural Shift in US Market Infrastructure
FTX Recovery Trust’s Fourth Distribution: $2.2 Billion Payout Marks Late-Stage Bankruptcy Resolution
Morgan Stanley Advances Spot Bitcoin ETF Filing as Institutional Adoption Remains Early