Author: The Daily Hodl
A widely followed crypto strategist says Bitcoin is about to flip bullish as multiple technical indicators flash green for BTC. Trader Kevin Svenson tells his 161,100 followers on the social media platform X that Bitcoin’s relative strength index (RSI) indicator on the weekly chart has confirmed a bullish breakout after last week’s candle close. The RSI is a momentum indicator that traders use to spot potential reversal points. Last week, Svenson said that confirmed weekly RSI breakouts signals “have proven to be among the most reliable macro breakout indicators.” With the breakout signal now confirmed, the trader believes that BTC…
Bloomberg commodity strategist Mike McGlone says that there’s a chance of a massive correction in US markets that could pummel the price of Bitcoin (BTC), oil and stocks. In a post on the social media platform X, McGlone says the US has a “self-correcting mechanism” that may push back against President Trump’s tariff war, which could create market chaos. The analyst shares a chart suggesting that the S&P 500 vs. GDP ratio and the S&P 500 vs. gold ratio are both at elevated levels – a setup that has historically marked stock market crashes, such as in the 1930s, the…
As the stock market extends its losses, Bitcoin (BTC) has reclaimed the $88,000 level while gold has reached yet another all-time high. At time of writing, BTC is trading at $88,193, up 5% in the last seven days, prompting some analysts to point out a potential decoupling from traditional markets. According to crypto data aggregator Coinglass, over $232 million in positions have been liquidated in the last 24 hours, most of them being traders attempting to short BTC. While gold is trading at all-time highs at $3,415, BTC is still nearly 20% below its high. But in a new interview…
Investor Tom Lee says that US equities are still in the middle of a bull cycle after completing a normal price correction. In a new video update for investors on Fundstrat’s YouTube channel, the firm’s chief investment officer says he’s confident that the S&P 500 has already printed its low, but he just isn’t sure if a quick V-shaped recovery like 2020 will play out or if a 2011-style consolidation will unfold. Lee says investors’ interpretation of several risks, such as tariffs and inflation expectations, will likely decide the stock market’s next move. “I think that we’re still in a…
A closely followed economist says US President Donald Trump is plunging the country into one of the most significant periods of economic turmoil in recent history. Alex Krüger tells his 209,200 followers on the social media platform X that Trump’s tariff policies are causing a massive selloff of US assets. “The US is trying to commit economic suicide and everyone is dumping US assets in response. The tarifacrash is the second most insane financial event in modern history (coronacrash was the first).” He warns that Trump needs to reverse course on the tariffs – otherwise, an economic recession is highly…
Strategy, formerly MicroStrategy, is following through on its plans to accumulate as much Bitcoin (BTC) as possible. According to on-chain data from Lookonchain, Strategy, led by founder and CEO Michael Saylor, now holds close to $47 billion worth of the crypto king after a massive half-billion buying spree last week. “Strategy bought another 6,556 BTC($555.85M) at an average price of $84,785 last week. #Strategy currently holds 538,200 BTC($46.83B), with an average buying price of $67,766 and an unrealized profit of $10.36B.” On April 15, Strategy bought 3,459 BTC for about $285.8 million, in line with plans announced earlier this year…
The CEO of financial services giant Charles Schwab says the firm is looking into launching a spot crypto trading platform for clients within the next year. In the company’s Q1 earnings call, CEO Rick Wurster says he believes that Charles Schwab is a “great destination” for investors interested in crypto, and there’s an obvious new wave of interest in the asset class. “And we’ve seen that in the level of new account growth and the level of engagement in our crypto site, where we saw a 400% increase in traffic to it recently, 70% of whom were prospects and what…
Fidelity Investments’ global macro director Jurrien Timmer believes the S&P 500 is now in a position to witness a market recovery after dropping about 20% from its all-time high this year. In a new thread on the social media platform X, Timmer says that the S&P 500 has been swinging above and below a rising trendline as far back as December of 2011. According to the analyst, the latest correction has driven the stock market well below the rising trendline, and it is now at a point where it could stage a comeback. “Should the S&P 500 index overtake that…
The Bank for International Settlements (BIS) says that the tokenization of real-world assets (RWAs) on blockchains will develop stronger links between crypto and traditional finance (TradFi). In a new paper on the financial stability risks of crypto, BIS analysts say that RWAs – or the tokenization of traditional assets on distributed ledgers – are creating an increased connection between TradFi and decentralized finance (DeFi). If the trend continues, the BIS says that more and more assets will be traded in the DeFi ecosystem, to the point that “the self-referential nature of DeFi will become a characteristic of the past.” Such…
A closely followed crypto analyst says that Bitcoin (BTC) has successfully broken a downtrend with strong price action. The pseudonymous analyst known as Rekt Capital tells his 543,000 followers on the social media platform X that BTC has successfully broken a diagonal resistance and flipped it into support after staying above $85,000. “Bitcoin hasn’t just broken the Downtrend and successfully retested it as support for the first time since Downtrend formation But Bitcoin has also been able to sustainably maintain above the Downtrend for a period of several consecutive days now.” Rekt Capital also says that BTC is likely in…