Bull Market or Bull Malarkey?

Updated: Jul 28, 2021

BTC rises +13% and has nearly $40 billion in trading volume in the last 24 hours.

Will the bulls continue? Did Jack Dorsey, Cathie Wood, & Mr. Tesla himself, Elon Musk, boost Bitcoin enough by declaring their intention to HODL the PoW Blockchain. Musk stating that Tesla and SpaceX exclusively hold BTC and only BTC may have been enough to influence the $40 billion move. Ethereum & Dogecoin were the other leading gainers of the top 10 cryptocurrencies by market cap with DOGE moving up 15%. Tesla reportedly held $1.5 billion in BTC in the 1st Q of 2021. They sold over $250 million to experiment with market liquidity in the 2nd quarter, and should be releasing their Q2 holdings statement today.


The ability to short Bitcoin has provided temporary resistance it would seem. $900 million short orders near the $39K level were gobbled up as Bitcoin momentum appears to build steam, The shorters will most likely run out as market FOMO becomes real again. With Coinbase, PayPal, and CashApp, making it easy for consumers to buy fractional amounts of BTC, and retail buyers setting recurring buys, adoption of Bitcoin is likely to surge again. Looking for a daily close over $40K will be a remarkable identifier of what we can expect from the 47.2% market dominant crypto giant.



 

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