The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
There's never a dull moment with Bitcoin. Sometimes it behaves like a risky asset, sometimes like a safe haven. At the beginning of April, the cryptocurrency was jokingly referred to as Nasdaq 100's errand boy. Now, as the second month of spring draws to a close, the token is being compared to gold. Bitcoin rose on rumors that Jerome Powell would be fired as Chairman of the Federal Reserve, and even after Donald Trump announced he had no intention of doing so, BTC/USD still climbed higher. Is Bitcoin a no-lose proposition?
In reality, the most important factor for cryptocurrency is that no one dares to openly oppose the President. Trump boldly criticized the Federal Reserve and challenged the central bank's independence. That suggests he won't face much resistance in promoting his idea of establishing a strategic Bitcoin reserve.
Political uncertainty in Washington has eroded investor trust in the U.S. dollar, benefitting safe-haven assets. Bitcoin has joined their ranks, as indicated by its increasing correlation with gold.
Gold-Bitcoin Correlation Dynamics
Cryptocurrency is now being used as a store of value, and the weakening of fiat currencies, led by the U.S. dollar, plays to Bitcoin's advantage. Capital has started flowing back into specialized exchange-traded funds (ETFs). Bitcoin-focused ETFs just recorded their third-strongest daily inventory rally since records began.
Another factor playing in BTC/USD's favor is the return of large institutional investors to the crypto market, buoyed by the 47th U.S. President's favorable stance toward digital assets. Merger and acquisition volumes are surging and could soon break the 2021 record of $17 billion.
Bitcoin ETF Capital Flow Dynamics
The coming reaction of Bitcoin to the releases of U.S. GDP data for the first quarter and the April jobs report will be very telling. If the U.S. economy remains resilient despite aggressive protectionist policies, it could support stock indexes. Will Bitcoin follow?
Technical Outlook:
On the daily chart, BTC/USD's rebound from the pivot level of 93,000 clearly showed who's in control. The bears are too weak, and bulls continue to dominate the market. Long positions initiated from 83,170 have proven to be an excellent decision, as has scaling up above 85,000. A new trigger for further cryptocurrency purchases would be the breakout of the local high at 95,850.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
