Fifty Cent Piece
Bitcoin flirts with fifty thousand dollars per coin
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
Ether options open interest on CME on track to hit fresh all-time high (The Block)
Binance founder Changpeng Zhao’s sentencing postponed to April (The Block)
CoinShares declares $108M revenue in 2023 earnings report (CoinTelegraph)
Crypto greed index hits highest level since Bitcoin’s $69K ATH (CoinTelegraph)
Bitcoin Pushes Through $50K for First Time Since Late 2021 (CoinDesk)
Peter Thiel Made $200M Investment in BTC, ETH Before Bull Run: Reuters (CoinDesk)
Valkyrie ‘doesn’t see a need’ to make bitcoin ETF wallet addresses public (Blockworks)
Crypto players skip Super Bowl ads, plot other marketing opportunities (Blockworks)
Is That Joe Biden or an AI Deepfake? White House Plans to Tag Authentic Content (Decrypt)
Craig Wright pulls mystery box, calls Satoshi ‘he’ during COPA trial (Protos)
Coinbase crime hunter on why police scrutiny of crypto will soon be a ‘normal thing’ (DLNews)
BTC Outlook
Yesterday Bitcoin’s price briefly went over $50,000 per coin after rallying nearly vertical after the dip that followed the ETF announcement. It’s a good time to revisit this article about Big Round Numbers. It’s possible $50k becomes a key level in price over the next quarter or half year.
The CPI report came in this morning with higher inflation than expectations. This could put a short term damper in US equities and crypto markets as fed rate cut expectations will be pushed further back.
It seems for now the new established trading range is between $40k and 50k until some outside catalyst drives the price outside this range. The market structure continues to remain bullish with Bitcoin trading far above it’s 200 day moving average and the average itself continues to climb higher.
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Possible Course of Action
DCA into spot long over Q1 in anticipation of Halving (2024 summer)
Long near $42k expected it to act as support
Short if $42k flips to resistance
Short or sell near or above $50k expecting it to act as resistance
The Bulls’ Defense:
Price still trading above 200 day MA, consolidating at 50 day MA
The Bears’ Prosecution:
CPI report above expectations
$50k acting as resistance
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