The cryptocurrency market experienced huge gains over the weekend, with Bitcoin gaining nearly 7%, rebounding from around $76,000 to new ATH set at $82,500 level today.
- Along with the largest cryptocurrency, MicroStrategy (MSTR.US) saw record highs, rising 12% to new highs above $300 before the US market opened.
- More than 17% growth was recorded by Coinbase (COIN.US), the stock of the largest cryptocurrency exchange in the US is approaching levels not seen since the spring of 2021.
- Shares of medical equipment and technology manufacturer Semler Scientific (SMLR.US), which was one of the first listed companies in the US to start allocating cash in BTC, gaining a total of 1,058 BTC before the US open, are gaining more than 15%.
- Global market sentiment is also very positive; U.S. indexes are up, with the Russell 2000 gaining the strongest, indicating a growing risk appetite among investors.
- Last Thursday, spot ETFs on Bitcoin showed $1.38 billion in net inflows, an all-time record. The iShares BlackRock Trust (IBIT) was responsible for over 80% of them; the funds' trading volume is an all-time record.
Yields on 10-year U.S. treasury bonds fell 3 basis points to 4.3% today. Investors are taking a positive view of Trump's win and believe that a fully 'Republican' Congress is likely to favor friendlier regulation of the crypto market and potential approval of the 'Bitcoin Act', building strategic reserves of BTC by US government.
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Looking at the BTC market and the recent size of the upward impulse, we can expect the correction to trigger only at the level of $87k. Short-term support is provided by the EMA50 (orange line), and medium-term support is around the 23.6 Fibonacci retracement, at $76k additional supported by the recent price reactions.
Source: xStation5
Coinbase and Microstrategy (D1 interval)
Coinbase is recording a rally, supported by sharply higher altcoin activity, which means higher trading volume for the exchange's clients and potentially higher profits. Shares are rising to levels not seen in several years.
Source: xStation5
MicroStrategy, which is treated by investors as more of a 'leveraged bet' on Bitcoin is trading up more than 11%, already surpassing the recent upward momentum from the spring, this year.
Source: xStation5
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