After another choppy week, Bitcoin closed its weekly candle just under $66k. This means that bitcoin has once again lost its major pivot level at $69k. However, given the selloff we have seen across asset markets over the past few weeks, Bitcoin has held up surprisingly well. All we can do for now is be patient and wait for the market to provide more clarity.

Market sentiment remains in fear. Investors are very nervous about the geopolitical situation and many are throwing in the towel and selling their assets. Accumulating solid assets during fearful periods is a winning strategy in the long-term, but it can require some patience in the short-term since the market doesn’t have to skyrocket immediately.

The GLI continues to trend down because the US Dollar continues to strengthen. Energy prices are still quite elevated due to the geopolitical conflict and this is causing inflation expectations to rise and the market to price out rate cuts. This trend likely won’t reverse until some progress is made towards a resolution. In the meantime, investors need to manage their risk and remain patient since a falling GLI is not promising for risk assets in the short to medium-term.

We will be receiving an update to the FED’s preferred measure of employment, the unemployment rate, on Friday, April 3rd. The market is currently expecting the unemployment rate to rise from 4.4% to 4.5%. We really don’t want this print to beat expectations and come in higher than expected as that would further increase recession fears and investor panic. The best outcome would be a print in-line with expectations or lower.

Bitcoin is still comfortably in the cheap region. This sideways consolidation while precious metals and stocks sold off aggressively gives us a clear indication that investors have been accumulating Bitcoin at these prices. That doesn’t mean Bitcoin can’t go lower into the very cheap region if this geopolitical situation continues to worsen, but it does mean that investors buying here for the long-term will likely be happy they did. I’d love an opportunity to accumulate in the very cheap region sometime soon.

I bought some Bitcoin and Ethereum today. This brought my portfolio allocations back near their targets and it always feels good buying when there is panic in markets and sentiment is fearful. I feel well positioned for both upside and downside and I will save the remaining cash allocation for the very cheap region if we are granted the opportunity to buy there.

P.S. If you made it to the end of this report, thank you for reading and I hope you got some value from it. If you’d like to view my exact portfolio changes, my entire portfolio outside of just crypto and would like to learn more about my Portfolio Automation System, checkout the Crypto Enjoyers program and community. You can learn more about it here:

I hope you have an amazing week and the future looks bright. 🤝