Bitcoin has consolidated above the 70k level, maintaining momentum after the positive news. Since the announcement of the "truce" about a day ago, all cryptocurrency markets have shown undeniable bullish momentum. However, there are still questions about the terms, which countries have agreed to it, and whether the Strait of Hormuz will remain open during these negotiations.
We clearly saw a "buy the news" reaction when Trump announced the two-week truce yesterday. However, with so many conflicting reports, it should be viewed more as a "buy the rumor" event. Even if this truce lasts as planned, remember that the world is seeing the same countdown threats as yesterday.
Well, global risk appetite remains mixed: stocks in the US and Asia are holding up better, while Europe is weaker, oil is back at the upper levels, and Bitcoin is showing relative stability. The key background is set by geopolitics in the Middle East, the revaluation of inflation risks, and expectations of inflation data and Fed policy.
Bitcoin has returned above 71K. Bitcoin ETF: +$343 million is one of the strongest daily inflows in 10 weeks.
This week, we saw a classic risk-on pivot after a geopolitical shock. There are still risks of a breakdown in the Middle East ceasefire and negotiations. In the meantime, the focus is on US inflation data.