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The past 24 hours have been volatile for Bitcoin, with a high of $88.5K and a low of $86.3K, marking a 2.5% range. Currently, BTC is trading just above $87K, with bulls maintaining control of the market structure. Sentiment is slowly improving, as the Fear & Greed Index approaches a neutral reading of 50.
US Consumer Confidence Drops to 12-Year Low
The key economic data of the week has just been released—US Consumer Confidence. While it hasn’t significantly impacted Bitcoin’s price, it provides insight into market sentiment over the next six months. The latest reading fell 7.2 points to 92.9, well below the forecast of 94.2, marking a 12-year low.
This drop suggests that US consumers are becoming increasingly pessimistic about current economic conditions. Historically, sharp declines in consumer confidence have preceded recessions, making this reading a potential warning sign. If people feel uncertain about the economy, they are less likely to spend or invest, which could have broader implications across financial markets.
While this doesn't necessarily mean a recession is imminent, it highlights growing concerns about economic stability—something to keep an eye on.
Gamestop Adds Bitcoin to Its Treasury
In a move that would have "broken the internet" in 2021, Gamestop has announced plans to allocate a portion of its $4.6 billion cash reserves into Bitcoin as a Treasury Reserve Asset.
Despite the significance of this decision, the market reaction has been muted, underscoring how much Bitcoin has matured in the past four years. What was once a revolutionary headline is now just another step in BTC’s mainstream adoption.
Stormrake Spotlight: Ripple (XRP) ($2.44)
Stormrake Spotlight: Ripple (XRP) ($2.44)
XRP continues to consolidate, down 0.18% on the day. However, this sideways action is actually bullish as it remains above key moving averages and the midpoint of the broader range. This base formation could provide a strong launchpad for a retest of the range highs in the coming weeks.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
As expected, the $86.4K level provided strong support for Bitcoin yesterday, with the CPR and 55EMA preventing further downside. BTC then rebounded, rallying overnight—only to face resistance at the $88.4K CPR level, which had also capped price two days ago.
Following this rejection, BTC has posted four consecutive red candles, pulling back over $1.1K from the high. This price action suggests a potential double top formation, a bearish pattern where the price fails to break above a previous high and starts reversing downward.
If BTC loses $86.4K, this pattern would be confirmed, likely leading to a drop towards key support at $85.2K.
BTC Total ETF Flows for 25 Mar: $ - 5.1 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
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