Chart of the Day
The week of unprecedented capitulation has finally come to an end — or a pause, at the very least. As the price of Bitcoin remains well-bid above $35k, charts are turning green with a fresh increase against the $37k resistance. The net unrealized profit and loss metric has reset to below 0.5, indicating that 50% of the Bitcoin market cap is in profitable coins. Historical data points to multiple resets in past cycles. However, this is only the first touchdown in the current cycle. Watch this space.
Talk of the Town
Bridgewater Associates founder, Ray Dalio, revealed at Consensus 2021 that he “has some bitcoin”, an asset he deems an interesting alternative to gold — one that plays a major role in the imminent shift away from the dollar as the global reserve currency. Dalio is not the only billionaire this week to turn bullish on Bitcoin. Global investment bank Goldman Sachs now considers Bitcoin “an investable asset”. Welcome to the team!
