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Crypto Rallying on Monday
BTC futures are trading in green across the European morning on Monday, extending gains from Friday when the market saw a more than 6% rally. While still down around 13% on the year, the move back above 40345 support is an encouraging development for bulls. The move has been linked to the potential rebalancing of supply/demand following a heavy week of ETF outflows. With the FTX bankruptcy estate sale now complete, bulls are hoping that market fundamentals will drive the asset higher again.
Busy Week Ahead
Looking ahead this week, however, there are plenty of key flashpoints for crypto traders to monitor with the FOMC on Wednesday, followed by the latest jobs data on Friday. Over the week we also have roughly 20% of S&P companies reporting earnings, giving plenty to watch.
Fed in Focus
The key focus this week for crypto traders will be the Fed on Wednesday. Recent pushback against rate-cut expectations are expected to be continued this week which should keep USD supported, creating near-term headwinds for crypto. However, provided the Fed sticks to its messaging that rate cuts are still firmly expected this year, risk assets should maintain support, allowing BTC to continue higher as traders look ahead to the Bitcoin halving event in April.
Technical Views
Bitcoin
With the market trading back above the 40345 level and back above the bull trend line, the focus is firmly on a further push higher. Momentum studies are turning higher here, supporting the move, with 45520 the next objective for bulls ahead of a push back up to highs around 48350.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.