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BTC and a Return to $29,000 in the Hands of US Stats and Earnings
BTC has a full day ahead of it with US company results and consumer sentiment to consider. The SEC v. Ripple lawsuit is still a major issue, however.
Bitcoin (BTC) had a loss of 0.33% on Monday. BTC finished the day at $27,522 after suffering a loss of 0.77% on Sunday. Significantly, BTC made its first appearance below $27,000 since March 28.
BTC climbed to a morning high of $28,007 thanks to a strong start to the day. BTC crossed above the First Major Resistance Level (R1) at $27,848 before falling to a low of $26,978 in the late afternoon.
Before closing the day at $27,522, BTC momentarily breached the First Major Support Level (S1) at $27,354 and the Second Major Support Level (S2) at $27,097.
The NASDAQ Composite Index and US Economic Indicators Are Weighed
The week began with very little activity. The NASDAQ Composite Index and BTC both saw losses due to negative US economic data and Fed Fear.
In April, the Chicago Fed Manufacturing Index remained constant at -0.19 while the Dallas Fed Manufacturing Index dropped from -15.7 to -23.4. Economic data were dismal, while market attitudes about Fed monetary policy shifted further toward hawkishness.
The likelihood of a 25-basis point interest rate increase in May increased from 89.1% to 98.9% on Monday, according to the CME FedWatchTool. The likelihood of a raise in June increased significantly from 23.4% to 24.7%.
With the NASDAQ mini down 10.75 points this morning, the NASDAQ Composite Index, which measures the market's sentiment, down by 0.29%.
The Coming Day
A bustling Monday session is underway. The emphasis is on business profits and US economic indices.
The US consumer confidence numbers for April will have an impact on the economic calendar. Riskier assets would be affected if the CB Consumer Confidence index dropped from 104.2 to below 100.
The US earnings schedule, though, will also be of importance. Microsoft (MSFT), Alphabet Inc.(GOOGL), Visa Inc. (V), McDonald's Corp. (MCD), General Motors Co. (GM), and PepsiCo Inc. (PEP) are notable companies with results scheduled for the US.
The focus will still be on the cryptocurrency news wires despite the effect of US economic statistics and business results. Talk about the SEC v. Ripple lawsuit and news about Binance and Coinbase (COIN) will change the dial. Interest will be piqued by discussions among US lawmakers and regulatory activities.
Bitcoin Price Action (BTC)
BTC was down 0.07% at $27,504 this morning. BTC rose to an early high of $27,596 before dropping to a low of $27,503 during the day's range-bound opening.
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