After the breakout of the $50000 mark, Bitcoin is trading in the $53000 - 56000 range. At the time of writing, the main cryptocurrency is trading at $54,800.
Market capitalization at $2300 billion and BTC dominance index at 45%.
Stock markets closed a positive week, despite worse than expected US unemployment data.
The dollar index is still firmly at 94 points, with gold stagnant for months now.
The current macroeconomic scenario is truly unprecedented and this can be seen in the fact that relationships between markets that were once considered natural are no longer responsive.
For example, in a high-inflation scenario, the norm is for the dollar to be in trouble with gold in the black, while today we see that applying old canons of judgment to reality is no longer rewarding.
In that respect, one has to deal with the new bitcoin variable and reality dictates that more and more people consider the main cryptocurrency a better defense against inflation than gold.
This is not only said by me or by some other bitcoin scholars and enthusiasts, but by JP Morgan, one of the largest investment banks in the world, and the economic news network Bloomberg in its monthly report on the crypto market.
And to understand how serious the situation in the United States is, consider that the Senate yesterday voted a $480 billion national debt overrun until December.
On the cryptocurrency market, bitcoin is struggling with local resistance at $55000, with the $53K area appearing to be the first support.
The medium-term outlook on BTC is definitely bullish, also in light of the fact that Q4 is statistically the best quarter for the currency.
However, I do not exclude that after such a rally there could be a rollback towards the breakout zone, in order to test (and confirm) the holding of the psychological threshold at $ 50K, which is turning from resistance into key support.
The next short-term target, is represented by the May highs at $59000.
From the intraday point of view, we can clearly identify the trading range $53000/56000, although it is good to remember that the low volumes of the weekend can favor sudden increases in volatility that lead to breaks that then turn out to be false breakouts.
On the fundamentals front there is an interesting news to report, already mentioned above, related to reports released by analysts at JPMorgan and the Bloomberg network, according to which at this stage institutional investors are buying bitcoin instead of gold to protect themselves from inflation.
This trend is corroborated by the analysis of OTC transactions that are definitely increasing, and we know very well that behind the Over the Counter exchanges, very often large investment funds and institutional operators are hiding.
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