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Market Dashboard
Market Summary
Over the last week, there’s been little change to our short-term view of a potential local top and our cautiousness on the bitcoin price at these levels. Current key areas for price are breakouts above $29,200 or below $26,500 as we’ve seen two weeks of ranging in between. After several weeks of significant negative outflows, fund inflows were positive to the tune of $127.5 million last week while the GBTC discount fell back toward 40%. S&P 500 has broken back above 4,000 even though bitcoin correlations to traditional risk assets have fallen off over the last two months. Realized price is now over $20,000 while the 200-WMA is at $25,484. Largely, macro measures of liquidity have been bullish relative to their last 30-day values as Q1 comes to a close. The market continues to bounce from concerns of systematic risk to pricing in more rate hikes in an uncertain, ping-pong fashion. So far, U.S. dollar strength is holding support while the VIX has been crushed to lows again during this latest rally.