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A rally into the close managed to lift the S&P and Nasdaq out of negative territory for a gain of 0.14% and 0.32%, respectively, while the Dow finished flat. “Needless to say, caution is advised especially if you’ve got any leveraged positions open,” Bloodgood warned. “Apart from BTC reclaiming the $70k level, not much has changed,” Bloodgood noted. “Times are uncertain as we are about to have a BTC halving right after making a fresh ATH – which isn’t how cycles typically look – so we’re definitely in uncharted territory.”
“Apart from a Bitcoin ATH before the halving, another thing that makes this cycle unusual is that memecoins are capturing so much attention – and so persistently – when BTC is barely above the previous ATH,” he said. “While some see this as a top signal, I think it’s got more to do with the ‘normie-friendly’ nature of memecoins.”
According to MN Trading founder Michaël van de Poppe, in the near term, Bitcoin is likely to trade sideways and consolidate until sometime after the halving.
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