Short squeeze takes Bitcoin 40% higher to $40k in a week; Could China’s tech crackdown be a bigger cause and future bullish catalyst than most think?
As a personal note, this will be my last crypto weekly with Fundstrat. It’s been great working with Tom and team, and I’ve learned a lot from Fundstrat over the past nearly two years while here. For those wondering, I’m transitioning to Grayscale where I’ll join the team as the Head of Research. For readers that would like to stay connected, feel free to follow me on Twitter (@David_Grid) or add me on Linkedin.
Bitcoin rallied nearly 40% this week to $40k after again holding $29k support
Last week was scary for some crypto investors as the price of Bitcoin again tested the ~$30k support level that many feared would break and take us down into the low $20k range. But after holding the key level yet again Bitcoin then rallied higher for eight days straight and is now sitting just above $40k and testing the high end of the range it’s been trading in since May. This past week has been an important reminder why HODLing can be key for crypto investors (see our past analysis on the rule of the ten best days).
Source: FSInsight, Bloomberg
Sharp move higher in the spot market triggered a wave of short liquidations and a chain of market reactions
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