Bitcoin is turning out to be a decent risk averse gauge. THe quintessential crypto 'coin' is stuck within its trading ranges, below the price resistance of 69000

 

Bitcoin (BTC) well and truly might turn out to be the risk averse gauge that it really is, regardless of the assetless asset being fueled by BlackRock's mega BTC (ETF) products.  Which are feeding back into the king of crypto 'coins' and then reinvesting itself back into ETFs, this can continue as long as interest rates remain relatively low, yes, 5.25% is not really that high comparable to inflation which is stuck in the U.S. economy.  Pertaining to the hope the Federal Reserve, who appears to be sitting out sticky inflation, will cut rates end year.  And this assumption of rates being cut by the Fed in 2024, is greed laced delusion.  

Other issues facing BTC is of course geopolitical, as it is not a safe haven, the U.S Dollar and Gold are.  Also note, that assets linked to closely to climate change i.e. carbon spewing, such as BTC, will also tarnish its appeal.

In the meantime:  BTC has fallen from its 12th April 2024 high of 71655, below the psychological 69000.  Trading within the bull trap ranges of 63640 and 65855 (red horizontal dotted lines), holding above 64000.

Please refer to the above chart.