Bitcoin healthy pullback or "Strategic Asset"?

4 thg 7

Bitcoin social media has shifted the narrative from YOLO 6-figure SOON(tm) to the June bear move being over to now accepting that this is a "healthy pullback."

The bullish trend, which began in October 2023, officially ended June 24th with the confirmed cross of the Ichimoku cloud. See my videos and posts from last week for education.

Bitcoin now sits today, on America day, at the final Volume Profile Support it can possibly hold before returning to the ETF launch levels. Price action euphorias have a sort of sweet irony such that it is almost guaranteed to come back to said levels.

Speaking of America day, Trump has shifted the Overton Window just a bit by talking of Bitcoin as a strategic asset.

forbes.com/sites/digital-assets/2024/07/03/trump-sparks-talks-of-bitcoin-as-a-strategic-reserve-asset/?s=35

Whether he would actually do anything for Bitcoin is dubious but he is the first Presidential candidate to openly support the cryptocurrency. Noting this statement by the Trump campaign is not an endorsement but it is important to note from a sentiment perspective. In a bull market, any and all possible bullish news would see a bullish response. That such a bold statement by any candidate would be followed by one of the largest down moves in recent history confirms that the current market sentiment is bearish.