BTC has maintained relative stability over the past two weeks, fluctuating within the $62-67k range. Spot BTC ETFs experienced a reversal, with $120 million in net outflows following a brief period of net inflows. Notably, IBIT recorded no inflows on April 24th. While the long-term impact of the halving is expected to be positive for BTC's price, short-term optimism appears subdued, especially considering the decline in post-ETF inflow enthusiasm.
Macro-economic factors continue to negatively influence market sentiment. Q1's advance GDP growth fell short of expectations at 1.6% compared to the anticipated 2.5%. Additionally, core PCE prices exceeded forecasts, reaching 3.7% in the first quarter against an expected 3.4%. Traders await the monthly core PCE data set, as the combination of lower growth and higher inflation typically unfavorably affects risk markets, leading to declines in stock prices, rising yields, and a strengthening DXY.
BTC needs to hold the $60k floor which is the most important factor and I expect the next month to be a very choppy market.
Macro-economic factors continue to negatively influence market sentiment. Q1's advance GDP growth fell short of expectations at 1.6% compared to the anticipated 2.5%. Additionally, core PCE prices exceeded forecasts, reaching 3.7% in the first quarter against an expected 3.4%. Traders await the monthly core PCE data set, as the combination of lower growth and higher inflation typically unfavorably affects risk markets, leading to declines in stock prices, rising yields, and a strengthening DXY.
BTC needs to hold the $60k floor which is the most important factor and I expect the next month to be a very choppy market.
