Riding The Wave News Summary #37

Bitcoin Touches Six-Week Low; Doge Gains on Twitter Musk Outlook, Elon Musk Wants to Authenticate Every Twitter User. Crypto Twitter Should Take Notice, & more

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News

Table of Contents

1. Tweets

2. Bitcoin Touches Six-Week Low; Doge Gains on Twitter Musk Outlook

3. Elon Musk Wants to Authenticate Every Twitter User. Crypto Twitter Should Take Notice

4. US Senate confirms Lael Brainard as Fed vice chair

5. Buenos Aires Mayor Touts Plan That Permits Tax Payments in Bitcoin

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Tweets

Will Clemente @WClementeIII

Bitcoin is entering a volatility squeeze on the daily chart for just the 6th time in the last 2 years.🍿

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥BREAKING: The first #Bitcoin ATM in Mexico has been installed inside the Senate.

Matthew Hyland @MatthewHyland_

#Bitcoin December 2018-April 2019 bottom compared to January 2022-April 2022:

Root 🥕 @therationalroot

There was only one other instance where the Short-Term and Long-Term Holder cost basis had this kind of divergence. #Bitcoin

Blockworks @Blockworks_

NEW: @MicroStrategy to offer its employees the option to have #Bitcoin as part of their 401K portfolio

BTCfuel @BTCfuel

New #Altseason peak timing estimate 🔥 After an RSI cooldown of about 40 weeks. In the past, #altcoins went from an RSI of 42 to an RSI peak of 87 or 95 in about 17 weeks This would mean a possible local altseason high around the 4th of July

Watcher.Guru @WatcherGuru

JUST IN: Global #NFT sales have increased by over 23% in the last 7 days.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥BREAKING: Fidelity is adding #Bitcoin as an option for 401(k) plans later this year - WSJ

Watcher.Guru @WatcherGuru

JUST IN: 94% of surveyed Fortune 500 executives have #blockchain project plans.

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Bitcoin Touches Six-Week Low; Doge Gains on Twitter Musk Outlook

Bitcoin extended this month’s losses in Monday trade as investors shied away from risk assets amid a more hawkish outlook for Federal Reserve policy tightening.

The largest cryptocurrency slid as much as 3.3% to $38,223, the lowest since March 15, and down more than 20% from last month’s high. It was little changed after paring the earlier loss. The second-biggest coin, Ether, slumped as much as 4.8% to $2,799, a level not seen since March 18.

Dogecoin jumped as much as 7.4% amid reports that long-time backer Elon Musk is close to reaching an agreement to buy Twitter Inc.

“Bitcoin looks to be breaking a pivotal minor two-month trend on Friday’s pullback that likely causes weakness down to test January lows,” Mark Newton, a technical strategist at Fundstrat, wrote in a research note Friday. He expects an initial pullback to $36,300, “but breaks of that level should lead to a full retest of $32,950 without too much trouble.”

For all its recent losses, Bitcoin remains in the middle of a trading range that has held since the start of the year, between about $35,000 to $45,000. The digital currency moves strongly in line with the tech-heavy Nasdaq 100, and is negatively correlated with the dollar.

Bitcoin has been breaking lower with the markets disappointed that we haven’t seen a sharp break up through the core SMAs. Doge is behaving slightly differently (instead moving up) in part due to Elon attempting to buy Twitter and how Doge could then play into that (As it is heavily associated with Elon).

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