Digital Assets: Bitcoin Surges Past $50K, Promise Of Weekend Histrionics?

December 23, 2021 | Digital Assets, News

Bitcoin has shot up off a 24-Hour low of $48,060.68 and is now up 3.89%.

Bitcoin made two lows over the past week, both around $45,700. It now appears to be on an uptrend after touching that double-bottom, and in a sudden move over the past couple of hours, penetrated the psychological resistance of $50,000, and is positioned at $50,580.19 at writing. But will it sustain above the $50K level?

In economic data out today, new homes sales jumped more than 12% in November, amidst rising optimism that global economies likely won’t be derailed by the omicron variant of the virus. The data on new home sales showed that the housing sector remained in fine fettle though off the highs seen last year.

Meanwhile the PCE Index, the Fed’s preferred inflation gauge, jumped to a year-on-year 5.7% increase in November from 5% in the prior month, the highest seen since 1982. The reading showed the seriousness of the inflation issue and put in perspective the Fed’s recent shift to a hawkish stance.

The mainline equity indices also appeared to be in position to sign off the pre-holiday weekend on a positive note.

Bitcoin could be reacting to the economic data, but trading firm QCP Capital has an interesting view that forthcoming low liquidity over the holidays could spark a short squeeze in a market dozing in the $45,500 to $49,500 range. (Coin Telegraph)

“We maintain our view that there will be a squeeze (likely to the topside) as liquidity thins out into the holidays and into 2022. If this happens, owning wings would be very profitable,” said QCP.

The squeeze may have already begun.

Related Story: Bitcoin, Other Cryptos Hit All Time Highs

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…