Risk assets bounced and so did bitcoin but it’s giving it back. Bitcoin is now at a fresh low since May and perilously close to breaking the May low.
It’s basically flat year-over-year and down sharply since early October when it hit a record $126K.
Bitcoin daily
If you zoom out on the weekly chart, there is still a very since uptrend from the 2023 low at $15,556 but we’re close to the bottom of that trendline.
bitcoin weekly
It’s starting to feel like bitcoin is yesterday news meme. There is so much enthusiasm for AI and even quantum computing and that’s where all the money has been made this year. Stable coins seem to be moving in a different direction and maybe that’s ultimately validation but you don’t hear much talk about the ‘ecosystem’ anymore or the blockchain. It’s more about memecoins, which isn’t exactly the foundation for lasting demand.
I think a lot of the money that chased crypto higher has moved into options trading.
