Well, I’ll be a monkey’s uncle! This week, the old Bitcoin took a little hop, skip, and a jump, all thanks to the Federal Reserve’s half-baked interest rate idea. 🐒
Bitcoin (BTC) shot up like a rocket to $87,375 – the highest it’s been since the Ides of March, and a 13% bounce from its monthly low. 🚀
And wouldn’t you know it? Stocks and commodities decided to join the party. The Dow Jones and S&P 500 had a little dance, up by over 1%. Gold went sky-high to $3,100, and copper hit the big $10,000. 🎉
Jerome Powell, that sly fox, predicted that Trump’s tariffs would cook up some temporary inflation. And with that, the idea of more Fed rate cuts than a baker has loaves sent the 10-year bond yields into a tizzy. 🦊
But don’t get your hopes up. The market’s a fickle mistress, and those gains started slippin’ away like a greased pig at a county fair. Dow Jones futures fell by 200 points, and the Nasdaq 100 index took a dive too. 🐷
Bitcoin’s Technicals: A Forecast as Clear as Mud
Now, the charts are tellin’ a tale, and it ain’t a happy one. Bitcoin’s price might be fixin’ to take a tumble, like a drunkard off a barstool. The daily chart’s showin’ a rising wedge pattern, which is about as welcome as a skunk at a picnic. 🦝
And if that ain’t enough, Bitcoin’s gone and formed a ‘death cross’ pattern. That’s right, the 50-day and 200-day Weighted Moving Averages had a little crossroads meet-up. A wedge pattern? That’s about as bearish as it gets in the chart-reading biz. 🙈
Before the ‘death cross,’ BTC price made a double-top pattern at $108,233, with a neckline at $89,000. Bitcoin’s tryin’ to retest that neckline like a dog with a bone. A break-and-retest? That’s a bearish signal if I ever saw one. 🐶
So, the outlook for Bitcoin is as gloomy as a thundercloud. First target’s $76,750, and if it drops below that, we’re lookin’ at $74,070, the highest swing it had last March. That’s a 14% dive from here. But if it hits last March’s high and bounces back, well, that’d be a bullish signal – a real head-scratcher, that one. 🤔
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2025-03-20 17:19