Source: X / Spencer HakimianAfter a tumultuous month, equities markets look set to close down for the month, with the S&P 500 down 6.3% for the month and the Nasdaq and DOW each registering 8.1% and 5.2% respective losses. Bitcoin’s steady decline is a combination of weak demand in spot markets and clear derisking from traders who are reluctant to open fresh positions in BTC’s futures markets. Last week’s core Personal Consumption Expenditures (PCE) data showed a higher-than-anticipated uptick in inflation, and March consumer confidence data from the Conference Board showed the monthly confidence index, which reflects respondents’ expectation for income, business and job prospects at a 12-year low. Consumer confidence present situation and future expectations data.
Source: X / Peter BerezinDoes Bitcoin’s downside have a silver lining? While many crypto analysts have publicly revised their bullish six-figure-plus BTC price estimates and now forecast a revisit to Bitcoin’s swing lows in the mid $70,000 range, institutional investors continue to buy, and net inflows to the spot ETFs remain positive. On March 30, Strategy CEO Michael Saylor took to X and posted his famous orange dots Bitcoin chart, saying, “Needs even more Orange.” Strategy Bitcoin purchases.
In the report, Goldman Sachs’ analysts said, “The upgrade from our previous 20% estimate reflects our lower growth beeline, the sharp recent deterioration in household and business confidence and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.” US recession odds raised by Goldman Sachs.
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