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Hello everyone. Today we have a #BTC Overall Update
$BTC is facing increasing pressure after #SPX showed clear weakness on Friday while Crude closed strong, creating an unfavorable condition
The correlation is becoming more evident again.
Strong crude = weak SPX = struggling BTC
And that dynamic is starting to play out in real time. Even if BTC attempts short-term recoveries, the broader environment remains unsupportive atleast for the short-term.
For now, the outlook remains cautious. As long as oil holds strength, both SPX and BTC are likely to struggle, with upside moves being limited.
In the short term, BTC is likely to remain range-bound between $65K and $70K.