There is an even bigger task at hand for the bulls, aside from absorbing any bulls-turned-profit-takers.
Today marks the end of the month, and the monthly Bitcoin chart below shows that failure to finish the day above $58,800 will see Bitcoin print its first down month since November 2020.
It is not the end of the world: Given the last 6 months' performance, but if the bulls can muster one final push today, the downward pressure on BTC may subside.
This may be helped by today's largest USDC mint in history: Some $3B of stablecoins arriving at the moment Bitcoin prints its lowest reading of dominance in the last 2 and a half years may just be a coincidence—that or someone is about to pick Bitcoin up from its sleep and awaken the beast...
The $53,130 level held firm today, and after hovering around $54,240 for much of the morning, Bitcoin headed north toward the next big level of resistance at $56,600. This area is likely to prove tricky to pass, but with the weekend trading session approaching, anything is possible. A break higher will see Bitcoin target $58,820, ahead of another attempt to pass $60,000.
Should $56,600 cap the gains, then I expect a retracement back to the $54,200 level as BTC settles into a trading range. A break below $54,240 will see $53,130 tested once again, but given today's price action, I would expect to see this area very well supported.
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With investors looking at the next Fed monetary policy meeting, equity indexes rose yesterday. The S&P reached new records while the Nasdaq closed within 20bps of the all-time high.
Welcome to the Weekender: Your weekly round up of the most viewed stories of the week, as voted by you, our readers. This week has seen the negative news flow replaced with tales of adoption, it appears the central bankers, country leaders, and the financial institutions have all agreed: Digital finance is here to stay.
Yesterday, the US reported CPI data—an index calculating the price increase or decrease of a basket of goods. The number is higher than expected and indicates inflation is picking up.