Bitcoin Is Quietly Brewing
Bitcoin quietly brewing
BTC has shown notable resilience during the latest bout of market chaos. BTC is pushing the highest levels since early February. Note that BTC is still stuck inside the range that has been in place since late January. A break above $72k would be the first real technical signal that the consolidation is ending, opening the door for a test of the bigger channel highs and the 50 day MA (currently around $76k).
Source: LSEG Workspace
Massive
BTC’s longer-term chart shows we almost touched the 200-week moving average, a serious support level that was visited not long ago.
Source: LSEG Workspace
Inflows
"Another solid inflow day for the bitcoin ETFs. Almost all now net positive flows YTD". (Eric Balchunas).
Source: Bloomberg
Back as a fear hedge?
BTC has been a pretty poor fear/VIX hedge for a long time. Is this starting to change amid the latest geopolitical crisis?
Source: LSEG Workspace
Time for digital?
BTC started catching bids just as gold made its latest move lower. Are people ready to switch from physical to digital again? Gold vs. BTC (inverse).
Source: LSEG Workspace
The ratio
BTC/Gold ratio in the lower part of the massive range.
