top of page
Search
  • Writer's pictureIrakli

Market overview 6 Feb 2024

Updated: Feb 7

Bitcoin is moving within the framework of the priority scenario mentioned earlier today. The range has narrowed to 42,500-42,400 at the bottom and 43,400-43,500 at the top.

The narrowing range indicates that we will soon be breaking out of it. I'm referring to breaking out of the larger range, with the lower boundary at 42,000-41,700 and the upper boundary at 43,700-44,000.

The US Dollar Index continues to rise and is currently at the mid-November 2023 highs. The yield on 10-year bonds is also increasing.

Stock markets are predictably decreasing, but nothing extreme so far. However, if the US Dollar Index does not stop its ascent and surpasses 105, the situation will be more alarming.

On the other hand, the longer the US Dollar Index rises, the sooner it will transition to a decline. Objectively, there are no reasons for its medium-term growth.

However, there are reasons for a decline. And when it finally shifts towards a decline, it will be a powerful factor for the growth of all markets, including cryptocurrencies.

More good news - BTC-ETF advertising will not only be on Google (it's already there), but also on Facebook and Instagram.

6 views0 comments

Recent Posts

See All

Market overview 13 Feb 2024

The market is looking more than beautiful. Bitcoin has not only consolidated above 48,200 but also set a local maximum above 50,000. Bitcoin is at these levels for the first time since 2021. BTC-ETF h

Market overview 9 Feb 2024

Bitcoin has continued its upward momentum, not only consolidating above 45,200 but also setting a new local high at 46,384, currently hovering around 46,100 as of the review writing. The market capita

Market overview 7 Feb 2024

Bitcoin remains within a narrow range, with the lower limit at 42,300-42,200 and the upper limit at 43,100-43,300. The broader range observed since late January is 42,000-41,700 at the bottom and 43,7

bottom of page