Ah, Bitcoin (BTC), that capricious creature of the digital realm, finds itself under the weighty yoke of a 10% tariff blanket, a veritable leaden shroud that descended upon us on the fateful day of April 5. In a dramatic pirouette, our beloved cryptocurrency plummeted over 7% in the span of a mere 24 hours, only to engage in a timid recovery, now frolicking in the low $80,000s, as I pen these words.
The M2 Money Supply: A Glimmer of Hope? 💡
In a recent post on X, the illustrious crypto oracle, Titan Of Crypto, hinted at a potential Bitcoin rally, despite the prevailing clouds of pessimism. He unveiled a chart, a veritable tapestry of historical data, suggesting that BTC has a penchant for following the M2 money supply with a delightful little lag. Ah, the dance of numbers!
For those unacquainted with the arcane mysteries of finance, the M2 money supply is a broad measure of the total currency swirling in the economic ether, encompassing cash, checking deposits, and those elusive near-money assets like savings accounts. Central banks, those omnipotent overseers, keep a watchful eye on M2 to gauge the economic pulse and steer the ship of monetary policy.
Historical data, that ever-reliable companion, reveals a robust correlation between BTC and the M2 money supply, often with a lag of approximately 70 to 107 days. Recall, if you will, the tumultuous days of the COVID-19 pandemic, when the M2 money supply surged due to stimulus measures, leading to Bitcoin’s exuberant rallies. Ah, the sweet taste of irony!
Merlijn The Trader, another sage of the crypto realm, echoed Titan’s sentiments, sharing a chart that illuminated the reversal area in the M2 money supply. If the correlation holds, we might just witness a repeat performance in BTC. How delightful! 🎉
A Healthy Pullback or the End of Days? 🤔
While the current sluggish price action of BTC has sent ripples of concern through the crypto community, some analysts are inclined to view this pullback as a healthy correction rather than the harbinger of a bear market. A refreshing perspective, indeed!
Bitcoin analyst Bitcoin Wukong, in a moment of clarity, shared their thoughts on the recent price action. In an X post, they proclaimed:
If you’re lost in the noise – zoom out. This pullback is just a correction following the Trump-driven rally, not the start of a bear market. Zooming out, the $66K–$73K zone still shows strong structural support.
Yet, our dear BTC faces formidable resistance levels, as Titan Of Crypto has astutely noted in his recent analyses. The cryptocurrency must conquer the Ichimoku Cloud resistance hovering around the $88,000 price level. A daunting task, indeed!
Nevertheless, BTC has managed to retain a semblance of bullish momentum, closing March with a positive monthly candle. As I write, BTC trades at $78,566, down 5% in the past 24 hours. The saga continues! 📉
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2025-04-08 11:14