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As investors react to the US Jobs Report, the possibility of multiple Fed rate cuts in 2024 is looming. According to Wall Street Journal Chief Economics Correspondent Nick Timiraos, Goldman Sachs now anticipates rate cuts at every Fed meeting this year, with an additional cut potentially in November. This news has sparked discussions about the impact on the yen carry trade and the interest rate differential between the US and Japan.
Amidst these developments, it is crucial for investors to stay vigilant regarding BTC-spot ETF outflow trends and sentiment towards the Bank of Japan and the Fed’s rate paths. Our team at Extreme Investor Network is dedicated to providing you with the most up-to-date news and analysis to help you navigate and manage exposures to BTC and the broader crypto market.
When it comes to technical analysis, BTC is currently below the 50-day and the 200-day EMAs, indicating bearish price trends. A breakout above $57,500 could signal potential bullish momentum towards the 200-day EMA and the $60,365 resistance level. Conversely, a break below the $52,884 support level may bring the $47,860 support level into play. With a 35.24 14-Daily RSI reading, BTC may see further downside potential before entering oversold territory.
In a market influenced by risk sentiment, central bank policies, and ETF flows, it is essential to stay informed and adapt your strategies accordingly. Trust Extreme Investor Network to provide you with unique insights and analysis that will give you the edge in your trading decisions. Join us on this thrilling journey through the Stock Market and Wall Street as we uncover opportunities and navigate challenges together.