$60k Holds
Bitcoin’s week was weak. After a bit of relief last week, the past seven days were red again. We’re currently trading around $64k, and the good news is that the $60k support level has held so far. We briefly dipped to $59k two weeks ago, but that turned out to be more of a fake breakdown than a real move lower. We reclaimed the $60,000 mark quickly.
If we look at the reasons behind this weakness, it’s mainly macro FUD once again. The Iran conflict is still ongoing, with ceasefires and hopes for real peace seemingly always just around the corner, but never quite materializing. That keeps oil prices elevated and inflationary pressure alive. On top of that, we’ve now entered the summer season, which is often a more bearish period due to lower liquidity and a lack of major news catalysts.
To sum things up, we’re still in waiting mode. We might drop a little further, or we might climb a bit from here, either way, we have to HODL through it. At some point, a clear direction will emerge, and I still think an upward move is more likely once the macro FUD clears. The US midterm elections are approaching, and the Trump administration will certainly want a strong economy and stable market environment heading into them.
