Just checked Bitcoin and we are clearly above 70k right now... well, technically just below. The price is hovering around 73-74k, but the pressure remains with what's happening in oil at the moment. It’s weighing heavily on all risk assets.

The Fed pausing rate cuts doesn’t help either. When interest rates stay high and the dollar remains strong, cryptocurrencies usually take a hit. It’s a classic combo that we see recurring regularly.

The thing is, as long as these two factors (oil and monetary policy) stay in tension, I don’t expect a spectacular rebound in the short term. Keep an eye on whether we test the support levels below or if we bounce back.