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Breakout Ahead?
The strong buying interest reflected in the Coinbase Premium Index underscores the market’s upward potential, with the crossover of SMA14 and SMA60 signaling the possibility of building momentum. Bitcoin’s increasing correlation with gold and the S&P 500 suggests a synchronized upward trend could emerge if the market shifts into a “risk-on” mode. Powell’s recent remarks on the limited effect of strong employment on inflation may provide stability to market expectations. If today’s employment data aligns with forecasts and avoids major surprises, the positive market sentiment is likely to persist.