Crypto Stabilization Ahead?
Even by the wild standards of the crypto market, Tuesday's move was impressive. It looked grim for bitcoin early in New York trade as it broke through $31,000 and then cascaded down to $28,800 in a quick but orderly move.
As headlines flashed that it had wiped out all the gains for 2021, it came back to life. Evidently there were buyers waiting for a dip below $30,000 and they pounced. That was followed by a FOMO rally that took it to $34,200 at the time of writing.
The pain elsewhere was larger and the bounces haven't been as impressive. That may be a hint that flows are traveling from alt coins into bitcoin. If that's the case, it may only be a temporary respite. That said, price action can turn into its own fuel for a rally.
Overall, the breaks of some key support levels throughout the market aren't a great sign. There is a chance for a false breakout and reversal here but that would be a rare feat. We will be watching very closely and staying nimble in the days ahead.One slight tailwind for crypto has been the continued decline of the dollar. We're watching AUD/USD very carefully as it re-tests the break of the 200-day moving average and the prior lows of the year, which are now resistance.
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