What the Rich Understand About Money That the Poor and Middle Class Don’t
June 25, 2021What is the FED’s verdict on Inflation?
June 25, 2021
Bitcoin bounced 17% from the lows on Tuesday shortly after MicroStrategy announced another major bitcoin bet. The firm now holds 105,084 BTC and has unveiled plans to buy even more in the future.Meanwhile, BTC/USD is at an important crossroad, the choice of which shall rule the fate of many.Let’s dig in.MicroStrategy has acquired 105,084 bitcoin ($489 million), purchased from the proceeds of the sale of $500 million in senior debt notes last week.The US intelligence firm added 13,000 Bitcoin to its treasury from $489 million raised from corporate bonds sale to investors, averaging a buy in price of $37,617.Check out the full article here!Bitcoin is at a Cross RoadBitcoin broke through the last line of defence below $30,000 on Tuesday only to swiftly recuperate the losses and tick 17% higher a few hours later.At the time of writing, BTC/USD exchanges hands at $34,640 and trades within the bottom half of the range. Perpetual futures funding rates remain slammed in the negative (Bitmex), which means perpetual short traders are paying long traders. This is a positive development.The pivot point rests at around the $36,000 level, setting out a clear target for bullishly biased traders. If buyers step in and momentum catches on, then a potential MTF (medium time frame) flip of the level would open the door to continuation towards the range high ($41,000).In order for this to materialise, buying pressure would have to offset sellers which have dominated the market since the May 19th drop. But all bad things come to an end.While there are no certainties, several signals suggest that this relief rally could have legs.Per the liquidation data above, bulls have been on the back foot since mid-June but if we assume that BTC/USD is still range-bound, then it’s not unreasonable to expect the pendulum to swing the…
