Jump to content

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


Recommended Posts

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).

Bitcoin (BTC/USD) Bounces Off 200-MA Support to Retest $57,000
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.

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

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      20,088
    • Total Posts
      88,149
    • Total Members
      69,078
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    TheGreedyGreek
    Joined 03/10/22 19:45
  • Posts

    • Stock Market SP 500, NASDAQ 100 NDX, Russell 2000 RUT. Dow Jones Industrial (DJI) Elliott Wave Technical Analysis and Trading Strategies. US Markets News Today:The Dow moved higher 800 points as stocks rose broadly. Treasury yields fell back towards 4% Elliott Wave Market Summary: The move up is a bear market rally on lower volume, corrective. Expect the next session to open higher then fade lower. Elliott Wave count: iv of (c) of iv) of 3 of (1) Day / Trend Trading Strategies: Day traders look to short Wave cv of (c) of iv) and also the turn lower as Wave (i) and (ii) building shorts... Video Chapters 00:00 S&P500  15:29 NASDAQ 100 (NDX) 19:06 Russell 2000 (RUT)  19:57 Dow Jones (DJI) 21:18 End. Thanks for supporting! Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com    
    • Market data to trade on Tuesday: AUD rates and GRG earnings          
    • Sterling is climbing on the foreign exchange markets despite a U-turn by the government on the proposed changes to the 45p top rate of tax. gbp        
×
×
  • Create New...