Although bitcoin is pulling back from its all-time highs above $66K, there is sill an argument for the coin's potential that could help the bulls in the not-so-long-term. BTCUSD is down 1.89% on the day today after a 50% rise in price for the month of October.
The argument for bitcoin is that the new fund (NYSE: BITO) will attract tens of billions of dollars from investment. The crypto market is still in its early stages of growth now that money has only been heavily flowing into this industry within the past couple years. And now, with this new ETF, investors can indirectly invest in crypto without taking on the large risk from direct investment in the coins. This will also bring around a lot more attention to the crypto market as institutions will likely take stakes in a tradable fund on the NYSE.
Price is pulling back for the first time in several days after a monster run to new highs above $66,000. On the 1D chart, the crypto could find mild support at $57,000 and $52,000 if price continues to fall. If today's candle can close above the $58,923 level, it would be a good sign that price might have a bottom at that point.
12/2/2021 US equities fell 5% from the highs after fears of a new coronavirus variant emerged and the first case was recorded in the US. SPX500 is up .10% on the day at the time of writing this. Our outlook The new omicron variant is definitely concerning most investors right now as the US will […]
Check out my previous G/U deep dive from early October here to see how we have progressed... Technical Outlook: Price has mainly been travelling in channels throughout the past year. As we saw the ascending channel formed post-Covid last year, price began retesting all previous key horizontal levels. Over the past couple of months, price has […]
11/30/2021 Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases. Our outlook I think gold will likely see some green today as the virus concerns can cause a slow in growth since the […]