Bitcoin (BTC/USD) Latest – Bitcoin Back Above $21k, Musk Gives Dogecoin a Boost

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Jun 21, 2022 | DailyFX
Nick Cawley, Strategist

BITCOIN (BTC), DOGECOIN (DOGE) CHARTS AND ANALYSIS

• Bitcoin (BTC) crawls back above $21k.
• Elon Mush reiterates his support for Dogecoin (DOGE).

The cryptocurrency market is looking to stabilize after another heavy sell-off over the weekend with Bitcoin changing hands around $21.2k, while Ethereum trades back above $1.15k. The two largest cryptos by market cap have been stuck in a bear spiral for the last few months with prior bounces quickly sold into. It remains to be seen if this latest push higher has any legs, especially as the technical outlook for both BTC and ETH remains neutral at best.

For traders who believe in market reversal signals, there may be one straw to clutch to today. Back in late October 2021 when BTC was trading at around $64k, ProShares launched the first Bitcoin ETF (BITO) based on CME Bitcoin futures. Today, ProShares will launch the first short Bitcoin-linked ETF (BITI), giving investors another tool to profit from further Bitcoin downside or to hedge their position. Will this mark the low area in Bitcoin, is it irrelevant in current market conditions, or is it just hopium?

 

One of last year’s most talked-about cryptocurrencies, Dogecoin is back in the spotlight after DOGE-fan and holder Elon Musk tweeted over the weekend that he will ‘keep on supporting Dogecoin’ pushing the alt-coin 5%-8% higher. The Tesla and SpaceX CEO then doubled down on his support for DOGE saying that he is still buying the alt-coin when questioned.

Last May, Dogecoin hit an all-time high of $0.74 just before Elon Musk appeared on Saturday Night Live, with DOGE driven higher in the anticipation that Musk would reference the alt-coin during the program. This failed to happen, sending DOGE slumping. Dogecoin currently trades at around $0.06.