Pigster Crypto

After 7 straigth green months, april has closed in negative double digits. Where do we go from here?

We are now on the mentioned sub 58k levels for $BTC. We have decided to enter the market with 48% of our assets. Sell pressure still doesn't look like it will slow down. Next target - 54k.

Decided it was time to slowly buy back into the market. Am more sure we will continue to go downwards, than up, but you never know.

Also Coinbase Premium just once in the past year has been this low. Let's see how this unwinds. A lot is happening: last day of the month, FOMC tomorrow, Big tech earning... this is crypto for you :)

Of course the selling pressure is coming from the U.S. as can be seen from the Coinbase Premium chart.

If you were wondering what is causing the sudden $BTC price drop. The US first quater report came out today, U.S. economic growth was much weaker than expected to start the year, and prices rose at a faster pace.

Gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace, below the 2.4% estimate.

The personal consumption expenditures price index, a key inflation variable for the Federal Reserve, rose at a 3.4% annualized pace for the quarter, its biggest gain in a year.

“This was a worst of both worlds report – slower than expected growth, higher than expected inflation,” said David Donabedian, chief investment officer of CIBC Private Wealth US.

Also Google & Microsoft Q1 earnings after the markets close today.

Interesting to see what the market will do with this today.