The global market is really chaotic today. Bitcoin is seen weakening around USD 73,382 due to profit taking by large investors. On the other hand, gold prices are actually rebounding to USD 4,495 per ounce, driven by US Iran geopolitical issues which are making investors return to safe haven assets.
The Fed Policy Is The Main Trigger For Market Doubt
So, here's the current market situation. Based on data from the CME FedWatch Tool, nearly 99% of market participants are really confident that The Fed will hold interest rates at the current level in the June 17 meeting. There's no hope for a rate cut in the near future, which is why risky assets
like Bitcoin are having a hard time breathing.
My Critical Take Is Liquidity Drying Up
Honestly, I see the market right now in an unhealthy state. We're in a liquidity trap phase where the market is waiting for certainty, but the macro economy is choking risky assets. If you think about it, the market is being forced to be optimistic even though the data itself shows we're on the verge of critical uncertainty. If this keeps happening, it might not just be a normal correction, but a warning that cheap money has really run out in the market.
Technical Analysis Of Bitcoin & Gold
If we look at Bitcoin from a Smart Money Concepts perspective, the price is trying hard to hold the support areas. Here are the key levels I'm watching.
Resistance 1: $90,280 – $88,495.
Resistance 2: $79,300 – $77,178.
Support 1: $70,580 – $68,350.
Support 2: $69,600 – $67,995.
For Gold, it's rebounding from its support
zones. Here are the levels to keep an eye on.
Support 1: $4,371,900 – $4,284,490.
Support 2: $4,026,280 – $3,966,240.
Conclusion & Next Steps
The point for today is, better to just wait and see. Don't just jump into an entry. Keep watching these support and resistance levels alongside the geopolitical news for gold. Oh yeah, don't forget to mark June 5, because there will be Non Farm Payrolls data that could make the market even more volatile.
Stay calm, manage your risk, and don't forget to do your own research.
Source
🚫Not financial advice!! Just sharing my personal market analysis for fun and education. No signals here, so always DYOR and manage your risk.
