The French left-wing coalition hopes to introduce 90% tax on rich 😲

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bearish ⚠️ 

• BTC has now closed a weekly candle below it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a bearish sign.

• Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim these moving averages.

• Until the prices shoot up above $60,000 and hold steady above those levels, the outlook remains bearish.

• From a longer term perspective, once the price surges above $64,900 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.

The French left-wing coalition hopes to introduce 90% tax on rich 😲 

The New Popular Front (NFP) won the most seats in the parliamentary elections in France on Sunday with 182 seats, ahead of President Emmanuel Macron’s Ensemble alliance on 168, but is still far from a majority.

The NFP, comprising the Socialists, the Greens, the Communists and far-left France Insoumise (France Unbowed) Party, has put forward a programme of policies, including the following

• Price controls on essential foods, electricity, gas and petrol

• Raising the minimum wages

• Lowering the retirement age to 60 from 64

• A new 90% tax on any annual income above €400,000 (£337,954)

• Heavy investment in green transition and public services

Click here to read more about the same.

Bitmex witnesses 2nd largest exchange outflow in history 🙏 

The "Exchange Netflow" indicator on BitMEX has historically shown a strong correlation with Bitcoin price movements.

When large BTC outflows occur, Bitcoin's price tends to rise. Recently, a netflow of -35,486 BTC, the second-largest in BitMEX history took place, indicating significant investor activity.

Such outflows suggest major investors are moving their holdings for storage or sales elsewhere, reducing selling pressure and potentially boosting Bitcoin's price.

These moves could potentially be seen as signs of accumulation and future price appreciation in the short to medium term.

📕 Educational

Analyzing historic trends from the Fear & Greed Index.

• The Bitcoin Fear & Greed Index is at 27, the lowest since January 2023.

• Back then, BTC was $18,150 and the total crypto market cap was $800 billion. Since then, BTC has surged over 300%.

• Twice this cycle, a Fear & Greed Index near 30 marked the price bottom.

• last time it hit 30, BTC rose from $28k in October 2023 to $74k in March 2024.

Image : CryptoCon

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• Re-test of weekly breakout at $9.4 can be a good area to buy Link in spot

• Look out for bullish weekly candle closes to confirm this support

• A bullish hammer, a bullish engulfing, or a morning star made on the daily timeframe can also be a good entry trigger, although a bit riskier than waiting for a bullish weekly candle close

• The current market is not conducive for short-term trading, thus focusing on key areas to DCA or buy in spot remains the prominent strategy we are following off late.

• Source : Cointraction 

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

Memes for intellectuals 🤣 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy Hodling, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.