Biggest Day In Bitcoin History?

JC Parets
August 30, 2023

The big news dropped yesterday that Grayscale won their case vs the SEC apparently paving the way for a new Bitcoin ETF soon.

Whether any of this is true or not isn't really our concern.

I couldn't care less about Grayscale or any of their personal issues.

The "news" is not our problem. What we're really interested in what is actually happening.

But a 5-6% ripper in Bitcoin yesterday and a near 30% rally in Marathon Digital certainly gets my attention.

First, here is a longer-term look at the structural uptrends in Bitcoin and Ethereum as they both held support from former resistance levels at their prior cycle peaks.

Notice how the buyers stepped in right near those former highs:

So while longer-term these are both in uptrends, from any sort of intermediate-term perspective Bitcoin is still stuck below overhead supply.

Look at this resistance near 31,000 right near former support from those lows in 2021:

Even if you don't "trade cryptocurrencies", there are plenty of opportunities to profit from this space in traditional stocks.

Here are Coinbase and Microstrategy, for example.

MSTR looks better than COIN as it is already above the highs from last August.

See the difference?

Marathon Digital was the biggest winner after the news broke yesterday.

Look how tightly the price of MARA moves with the price of Bitcoin:

Here's the move in MARA off support near $10.50. This is where MARA broke out originally in the summer.

This trade was a huge winner for us.

I don't believe it's a coincidence that this is where it got going again, Grayscale news or not:

The wheels are in motion.

Was yesterday, in fact, the biggest day in Bitcoin History, like I keep hearing?

I doubt it.

But it could be a very big deal. I guess we'll see.

One day certainly does not make a new trend. But any kind of follow through into the end of the week would be very constructive for the space.

It's definitely worth keeping a closer eye on now, whether you "trade cryptocurrencies" or not. It doesn't even matter how you've viewed this space in the past.

It's all about looking forward and I think the opportunities are coming. They may even be here already.

What do you think?

What are you doing about it?

Let us know!

JC

 

 

 

Filed Under