To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
Bitcoin sentiment continues to build as price action remains bullish, climbing back above $83K. The Fear & Greed Index for Bitcoin has now risen to 43, quickly approaching the neutral zone—further evidence that bearish momentum is fading. Meanwhile, the S&P 500’s own Fear & Greed reading has slipped from 17 to 13 despite the index rising 1.81% overnight. With BTC reclaiming ground, bears are steadily losing their grip on market control.
While the tariff headlines have quietened, tensions between China and the US persist. Overnight, China escalated the situation, raising tariffs on US goods from 84% to 125%.
The US 10-year Treasury yield has rallied once more, now sitting at 4.5%, prompting a response from the Federal Reserve, which is reportedly "absolutely" prepared to intervene to stabilise the market, per the Financial Times.
We're potentially witnessing a shift in policy drivers, with the US10Y becoming a central force.
Some believe the recent bond yield spike may have influenced Trump’s decision to delay new tariffs. There are also murmurs that the Fed could act earlier than expected, and rumours are circulating about Trump potentially scheduling a call with Chinese President Xi to address the tariff war. Still, Trump maintains that "the bond market did not drive his decision to delay reciprocal tariffs by 90 days."
Looking ahead, the next interest rate decision arrives in early May. While markets initially priced in the first cut of the year, expectations have cooled. There’s now a 60.2% probability of no change, and just a 39.8% chance of a 25 bps cut.
Stormrake Spotlight: Ripple (XRP) ($2.01)
Stormrake Spotlight: Ripple (XRP) ($2.01)
XRP successfully reclaimed its broader range yesterday, closing back above $1.98. Not only did price reclaim key territory, it also moved above both the 200-day SMA and EMA—an encouraging sign for bulls.
That said, bears still maintain structural control. For the bulls to flip the trend, XRP must push past the recent high of $2.18 to establish a clear higher high.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin rallied nearly 5% yesterday, testing CPR resistance once again at $83.6K. While BTC was previously rejected at this level, bulls now appear firmly in control, with both momentum and market structure favouring the upside.
The 21EMA is expected to act as immediate support, with the next key target sitting at $85.2K. Bulls remain in charge as long as any pullback holds above $81.6K—a level supported by the 55EMA, both 200-day moving averages, and a broader trendline.
BTC Total ETF Flows for 11 April: $ - 1.0 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
