Bitcoin climbs above $71.000 despite weakness on Wall Street 📈

Despite weak sentiments on US stock market and drop of both silver and gold, we can see surprisingly strengthening Bitcoin today. It's hard to find direct reason of that situation because even so-called memstocks deepen declines today and investors risk appetite seems to be low. But still, Bitcoin may benefit from speculating positioning. On the other hand, we can see that futures on USDIDX (US-dollar) erased half of today gains which may be a signal that 'dovish' macro signals from weakening US economy may fuel appetite for Bitcoin, as bond rise again with treasury yields falling. Also, today 'bullish' session on BTC may be a signal that its correlation with other assets such as stocks, bond or yields is falling, making BTC sometimes 'separate' asset, with potential of generating 'alpha'. On the other hand, it's still unclear will this momentum be maintained in the following hours and days, because still important resistance zone is set on $73.000 and $75 000 levels.

Bitcoin (D1)

During the last correction, Bitcoin stopped decline at SMA100 support (the same situation happened in January 2024) and bulls become active again with on-chain data signalling rising Bitcoin demand from the long term investors addresses again.

Source: xStation5