Daily Crypto Analysis

Bitcoin is still aiming to set a new record for the most consecutive up days in a row. We have had 8 up days in a row, the most since 2015 (the record is 10, set back in 2013). Prices will need to close above $40,035 to register day 9.

Yesterday's trading was mixed. Early in the session, even with reports of economic slowdown in the US, traders were still buying, maybe thinking it solidified the accommodative Fed policies.

Yesterday’s narrative was somewhat bittersweet. On the one hand, Fed policies remain hyper accommodating, which is positive. On the other hand, the accommodating stance is based on lingering concerns about the economic recovery in the US (and also globally).

Bitcoin has fallen back below $40,000 today, as the denial from Amazon of the impending acceptance of Bitcoin as a payment method came through. Prices returned to our support level of $36,500 before rallying once more, a sign that this move may be supported by more than just click-bait headlines.

Even with positive earnings (earnings that were pretty much priced in), equity indexes edged down yesterday.

The rally started with the 'B-word,' has been spurred on by the 'A-word,' and if we're going backwards through the alphabet, I expect the 'Z-word' to return and mute the calls for a reignition of the bull market.

Yesterday, all US equity indexes reached record highs.

Welcome to the Weekender: Your weekly round-up of all the news stories shaping the crypto landscape, as voted by our readers' clicks. This week's top click was the news the JPMorgan has given a go-ahead to its advisors to offer clients crypto fund services.

Last week started painfully, with most indexes falling because of covid variant spreads and fears.

On the day in which we witnessed the opening ceremony of the Olympics, which only comes around every 4 (well.... 5 years), Bitcoin rallied for a 3rd consecutive day, holding $31,000 and $30,000 as support and targeting $36,000. Bitcoin's 24-hour high was $32,915 and 24-hour low, $31,708.

Bitcoin rallied for a second day in a row as the critical $30,000 level held, fueled by a rise in U.S. stocks, just as the Dow Jones rose 286 points (0.83%), and the Nasdaq a composite 0.9%. The 10-year treasury yield rose 7 basis points to 1.28%, continuing Monday's Covid fear rally.

Tech shares rose yesterday with better-than-expected earnings results, bolstering investors’ sentiment and helping most equity indexes edge higher.