Daily Crypto Analysis

Bitcoin is up 4% on the day, having bounced off support at $58,850. We will need to rally above $62,000 to set the lower bound of the trading range, and as much as a 4% gain sounds exciting, today has been a relatively subdued affair.

Bitcoin is down 2% on the day, and trading back below $60,000. We continue to see dip buying in BTC, along with the major Alts. Bitcoin is entering a consolidation phase, which could see the range reach as low as $53,000

Markets seem to be pulling back somewhat. We see it in equities, with the S&P falling more than half a percent, and other major indexes.

Institutional wallets, those with over 100BTC are adding Bitcoin at pace

Today is a chart day, and we'll look at some interesting crypto data. Don't worry, I've thrown in some news items as well.

A report appeared suggesting China has asked the public whether they should reverse the ban on Bitcoin mining.

Broadly speaking, I believe we're still in an uptrend in crypto markets, and we're seeing some outperformance from selected alts.

This week saw the First Bitcoin ETF launched in the US, and on day one, eager investors traded $280 million worth of shares in just the first 20 minutes. By the time the market closed on Tuesday, nearly $1 billion in shares had changed hands.

I’m expecting a volatile market over the next 12 days, with the SEC decision on a Spot ETF the top of my list for possible disappointments.

As ETH steals today’s headlines, we look ahead to tomorrow, and the launch of the second futures based ETF this week.

The thing that shocked me throughout yesterday’s session and overnight was the strength of alts.

Bitcoin. I was tempted to leave today’s report as a one-word homage to our favourite crypto.