Home Stock Market Forget about bitcoin's weekend slump. According to the strategist, follow these...

Forget about bitcoin’s weekend slump. According to the strategist, follow these 2 important levels to know what happens next.


US stocks may be off to a rocky start to a big week of earnings, but bitcoin and other cryptocurrencies are yet to show signs of calm.

Bitcoin price
BTCUSD,
+ 0.94%

fell over the weekend, at one point reaching $ 51,907 – down about 20% from a recent peak of $ 64,829 in February. The standard cryptocurrency rallied some points on Sunday night and was trading at $ 56,341 early Monday.

Some are seeing the retreat as a pause, including Goldman Sachs previously
GS,
-0.77%

hedge fund manager Raoul Pal. The crypto investor said in a tweet that he has always felt “relieved” after the massive liquidation of long-term liabilities used on the cryptocurrency, adding that it “cleans the market”.

In ours call of the day, Matt Maley, chief market strategist for Miller Tabak & Co. said investors could not draw any conclusions from the weekend action, but this week’s normal trading hours are crucial.

“We said it was important for the short-term bull case that bitcoin holds $ 60 on average.[000]weekend. That hasn’t happened and now it’s trading lower so that’s not good either, ”he said.

However, Maley notes that weekend trading is “very thin” and has not historically been a great indicator of how bitcoin will trade next week. He added that the catalyst for much of the decline appears to be “very vague conversation” about a US bitcoin crackdown.

He acknowledged that the long-term fundamental argument surrounding bitcoin gives investors “virtually no insight” as to how the asset will trade in the short term at any given moment.

Therefore, two key technical levels need to be closely watched by investors, he said, including Thursday’s closing high of $ 63,400. Maley noted: “Any meaningful close above that level would be very optimistic. Left is the end of March low for cryptocurrencies of $ 52,000. Any significant close below that would “raise a major warning flag of the short-term potential” for bitcoin.

Market

US stocks
COMP,
-0.21%

plunged lower in early trading dipped in early Monday, after the Dow Jones industrial average
DJIA,
-0.26%

and S&P 500
SPX,
-0.14%

The index closed at an all-time high on Friday. European stocks push higher, while Asian shares rose optimistic about the global recovery.

Buzz

America’s Leading Infectious Diseases Dr. Anthony Fauci said on Sunday that he would “really surprising” If the COVID-19 vaccine is from Johnson & Johnson’s
JNJ,
-0.13%

was not resumed in some form on Friday.

The first quarter income season will Catch up on pace this week, with the Coca-Cola beverage company
KO,
+ 1.26%
,
technology giant IBM
IBM,
-0.28%

and United Airlines
UAL,
-0.93%

all reported on Monday and Johnson & Johnson, the Netflix streaming platform
NFLX,
+ 0.76%

and consumer goods company Procter & Gamble
PG,
-0.79%

set up to report on Tuesday.

The Clubhouse audio-based social network has reportedly ended its funding round according to reports company valuation at around $ 4 billion.

Opened the travel bubble with no quarantine between Australia and New Zealand on Monday, to rescue thousands of families separated in the COVID-19 pandemic.

A breakaway group consisting of 12 English, Spanish and Italian clubs broke up with European football on Sunday by announcement of the formation of the Super League is almost closed. The move is being led in part by the American bosses of Arsenal, Liverpool and Manchester United. Shares of Italian club Juventus
JUVE,
+ 15.52%

shares are up 12% in early trading, while Manchester United shares are 4% higher in pre-market trading.

Random reading

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Gnome Limits: The garden centers in the UK out of gnomes after the Suez Canal congestion.

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