Bitcoin Support Held Like a Champ!

2 Agu

Bias: Bullish
Key support: 64k
Key resistance: 74k

We got a good scare yesterday when BTC's price fell under 64k. However, today, it's back above this key level. As long as Bitcoin sits above 64k I am bullish.

But not all is good on the stock market. Japan's Nikkei dropped 6% today, worst drop since 2020. Looks like the increase in interest rates by Bank of Japan nuked their market and contagion is likely. This could bring some bearish winds against Bitcoin and crypto at large even if the market is preparing for new highs later this year.

We got a lot of mixed messages, but Bitcoin still appears strong vis-a-vis other risk assets. Curiously, Gold is also ready to make a new all-time high. Considering BTC is digital gold, perhaps these two assets may pump in these times of uncertainty as a hedge to falling stock prices.

Expect a lot of volatility in the coming weeks. Safest bets right now are BTC, Gold, and USD.

Thanks for reading and hit a follow for more updates!

Duo