It’s been a frustrating time for bitcoin bulls as it seems like everything is going up and crypto is stalled. Bitcoin today started at $110,000, which is barely above the January high of $109,000. Moreover, the summer rally in tech stocks hasn’t dragged bitcoin along and gold has gained 50% this year.
Today was a positive sign though as bitcoin rose $3236, or 2.9%, to $114,129.
That gains has helped to re-establish a floor above the January highs. It’s also a higher-low compared to $107,304 on September 1.
bitcoin daily
The trouble for the bulls is that it’s tough to imagine a positive catalyst. There has been a strong correlation with Nasdaq gains for years but that hasn’t helped bitcoin lately. If anything, there is a risk of a correction in tech.
There has also been plenty of turmoil in politics and reckless spending in Washington (and elsewhere). There is always the risk of a war breaking out somewhere but I don’t see anything particularly compelling at the moment.
Some might also call this a contra:
