Visa Buys a Punk as Bitcoin Returns to $50K


As i discussed on saturdays weekly recap. Bitcoin had just made a nice little punch-up heading into the weekend last night on sunday. Bitcoin lifted its head above fifty thousand where it remained until about an hour ago at the time of this recording. Some have called this last month. The short squeeze rally referring to the fact that it was started as bitcoin held above thirty thousand dollars in the face of numerous short positions that forced those shortsellers to buy more at higher prices to keep their positions open to being a boom short-squeeze. Whatever the cause over the last thirty days. Bitcoin is up around forty six percent and bitcoins peak in the last twenty four hours around fifty thousand two hundred three month high. Bitcoin is now recorded gains for five consecutive weeks. Which is its longest winning streak in september of last year. Matthew did the co founder and coo at stack funds said that this rally unlike some of our previous frenetic moves up hasn't been driven by derivatives bets but instead by spot buying quote looking at funding in the options market. This rally still appears to be spot driven. Our expectation is that this break of psychological resistance will likely result in a rotation back to bitcoin in the coming weeks with the next target of sixty thousand dollars. This idea of a lot of spot buying driving things seems to be affirmed by data from into the block which shows that institutions in. Wales appear to have been accumulating alongside price growth. They tweeted institutions in wales. Getting increasingly bullish on bitcoin as prices have climbed over the past few weeks the volume addresses with at least one thousand. Bitcoin are showing a positive correlation with bitcoins. Price of point seven five in q. Three

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